0433 GMT - Bank Indonesia will likely stand pat for the rest of 2024, DBS senior economist Radhika Rao writes in a note. DBS previously expected a 25bp cut before year-end. While Indonesia's domestic picture looks positive with macro stability, in-line inflation and firm GDP growth, global uncertainties and their impact on the rupiah persuaded BI to keep rates on hold in November, Rao says. BI's expectations of the U.S. Fed rate cycle has shifted, and now projects fewer U.S. rate cuts next year, Rao notes. The Indonesian central bank remains wary of the impact on the currency, while the U.S. election results will likely encourage it to remain cautious, Rao says. DBS expects 75bps of cuts next year. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
November 20, 2024 23:33 ET (04:33 GMT)
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