- The Consumer Price Index (CPI) in September 2009 was inflated by 1.05% as expected compared to previous month due to price increase of mainly foodstuff because of Ramadhan and Idhul Fitri long holiday, so that the YoY inflation rate was 2.83% and the inflation rate from January to September 2009 was 2.28%. The inflation rate for the whole year 2009 is targeted below 5% level.
- The Indonesian export value for August has reached US$10.55 billion or an increase of 8.89% compared to previous month. So that the cumulated export value from January – August 2009 was US$70.30 billion, or 26.3% lower compared to the same period of the previous year. However, as the import value from January – August has also decreased by 34%, there is still a surplus of US$10.94 billion.
- The central bank Bank Indonesia continues to maintain the benchmark interest rate at 6.5% level for the second consecutive month, stating that the current level is conducive for the economic recovery and is consistent with the target of 5 to 6 percent level of inflation in 2010.
- Bank Indonesia has also revised the target of Indonesia’s economic growth in the 3Q 2009 to 4.2% from previously 3.9%. Bank Indonesia is also expecting that 2009 economic growth would reach 4% to 4.5%, higher than previously estimated 3.5% to 4.0%, on the back of strong consumption growth, improved industrial production and better export performance. Bank Indonesia also expects continued surplus in the current and capital account in 3Q 2009. The forex reserve has increased to US$62.3 billion at the end of September 2009, higher than August’s figure of US$57.9 billion.
- Bank Indonesia will implement the Rupiah secondary reserve requirement of 2.5% commencing of 24th October 2009 on top of current Rupiah primary reserve requirement of 5%, so that the total Rupiah reserve requirement will be 7.5%. The Rupiah denominated secondary reserve may consist of Bank Indonesia Certificates, Treasury Bonds and/or excess reserves.
- Moody’s Investors Service has upgraded Indonesia’s foreign and local currency sovereign debt rating from Ba3 to Ba2 as the economy remains resilient despite the global economic slowdown as well as its healthy medium term growth prospects. Moody’s has also upgraded Indonesia’s foreign currency country ceiling to Ba1 and the foreign currency bank deposit ceiling to Ba3 with stable outlook.
- After Moody’s raised Indonesia’s credit rating, the Indonesian currency Rupiah rose to an 11-month high and strengthened further to 9.460 per US Dollar, the strongest level since October last year. The Jakarta Composite Index has also surpassed the 2.500 level, which was the highest since September last year.
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