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Indonesia’s economy probably expanded near the slowest pace in more than two years last quarter as a decline in commodity prices hurt exports, adding to signs of easing global growth.
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President Susilo Bambang Yudhoyono made progress on his bid to appoint Indonesia Finance Minister Agus Martowardojo the next central bank chief as a parliamentary panel agreed to put the candidate through a fit-and-proper test.
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Indonesian lawmakers yesterday approved Finance Minister Agus Martowardojo to become the next central bank governor after he said his priorities would be a stable exchange rate and keeping inflation low.
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Indonesian foreign-exchange reserves will probably plunge the most since at least the Asian financial crisis this quarter, putting pressure on President Susilo Bambang Yudhoyono to cut fuel subsidies and curb imports.
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Indonesia’s plan for guidelines on acquiring land for infrastructure projects and a boost to the nation’s credit rating augur improved prospects for investment in the world’s fourth-most populous country.
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Indonesia kept interest rates unchanged for a 13th consecutive meeting as accelerating inflation reduced scope for the central bank to lower borrowing costs and support slowing economic growth.
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Indonesia’s inflation rate climbed for a third month in June as the end of the harvest season crimped food supplies, an increase that may not be sufficient to trigger an interest-rate increase next week.
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The Bank of Korea may refrain from cutting rates at its first meeting since President Park Geun Hye’s election even as Asia’s best-performing currency of the past year threatens exports and a weakening yen aids Japan.
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Indonesian President Susilo Bambang Yudhoyono should appoint a finance minister who won’t encounter as much resistance in implementing policies as the outgoing Sri Mulyani Indrawati , analysts said.
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Indonesia’s rupiah fell, on concern that policy makers are not doing enough to curb price increases, after a rating upgrade failed to boost investor’s confidence. Bonds declined.
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