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Indonesia’s rupiah forwards strengthened after the central bank raised the rate it pays lenders on overnight deposits in a preemptive step to maintain monetary stability. Government bonds rose.
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Indonesia named Chatib Basri finance minister today as the government prepares to raise the price of subsidized fuel and curb a current-account deficit that has hurt the rupiah.
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The Philippine central bank will keep the option of another cut in the rate it pays for funds in so-called special deposit accounts, Governor Amando Tetangco said three weeks before the next policy meeting. The peso fell.
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Indonesia’s economy grew at the slowest pace in more than two years last quarter as slower exports and government spending countered gains in consumption and investment.
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For the Philippines’ $13 billion outsourcing industry, the peso’s surge has been compounded by a slide in larger rival India’s rupee.
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Philippine President Benigno Aquino spent a third of his working days in the past two months campaigning for allies seeking seats in the senate, where he barely won the vote to raise tobacco and liquor taxes.
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Singapore’s exports rose less than estimated in January as manufacturers shipped fewer electronics and pharmaceutical goods.
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Indonesia held its benchmark interest rate for a 14th consecutive meeting as plans to cut fuel subsidies boost inflation risks, reducing scope for monetary easing even as falling exports crimp economic growth.
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The Philippine central bank will probably keep borrowing costs at a record low as easing inflation gives it room to support growth amid signs the global economic recovery is slowing.
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The Philippine Senate ousted the country’s top judge for illegally concealing his wealth, ending a four-month impeachment trial and boosting President Benigno Aquino’s campaign to clean up the government.
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