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Bank Indonesia holds rates in order to guard rupiah against volatility

The central bank of Indonesia kept rates unchanged as it aims to stabilize the local currency following recent volatility on global markets.

The board of governors of the Bank Indonesia decided to keep the seven-day reverse repo rate at 4.25%. The deposit facility and lending facility rates were maintained at 3.50% and 5.00%, respectively, effective Feb. 19.

"Bank Indonesia will remain vigilant of emerging global financial market uncertainty, while continuing exchange rate stabilization measures to safeguard the currency’s fundamental value and maintain market mechanisms," the bank said.

Consumer price inflation fell to 0.62% month over month in January from 0.71% in December 2017. In annual terms, inflation was at 3.25%, in line with the central bank's target corridor of 3.5% plus or minus 1% for 2018.

National output growth hit 5.19% year over year in the fourth quarter, up from 5.06% in the year-ago period. The bank said investment and exports will further boost economic expansion.