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| | | FX Flash
by Saktiandi Supaat |
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| | | Against market expectations, BI cut its benchmark policy rate by 25bp to 4.5% to lower borrowing cost to support credit growth and hence the economy. Further cuts to the policy rate do not seem likely given that the US Fed is likely to normalize its balance sheet as soon as Sep and a further rate hike expected in Dec. Instead, we believe that the on the 1m USDIDR NDF overnight proved to be temporary while the impact on spot USDIDR was negligible. | |
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