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BI Board of Governor's Meeting, November 2023

Author

Listed:
  • Jahen F. Rezki

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Syahda Sabrina

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Teuku Riefky

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Amalia Cesarina

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Faradina Alifia Maizar

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

  • Yoshua Caesar Justinus

    (Institute for Economic and Social Research, Faculty of Economics and Business, Universitas Indonesia (LPEM FEB UI))

Abstract

Disruption in rice production due to the El Nino phenomenon resulted in an increase in inflation in October 2023, albeit not significantly, with the overall inflation recorded at 2.56% (y.o.y), within the BI’s target range. The trade balance in October showed an increased surplus of USD 3.48 billion, supported by a moderate decline in both exports and imports compared to the previous month. Furthermore, the Rupiah strengthened against the US dollar after BI decided to raise interest rates at the October 2023 meeting, while the Fed opted to maintain its interest rate levels. The Fed is likely to uphold its policy interest rates during the December 2023 FOMC meeting. Even with ongoing pressures on the Rupiah due to global market uncertainties, the convergence of these four factors guides BI in maintaining the interest rate at 6.00% for this month.

Suggested Citation

  • Jahen F. Rezki & Syahda Sabrina & Teuku Riefky & Amalia Cesarina & Faradina Alifia Maizar & Yoshua Caesar Justinus, 2023. "BI Board of Governor's Meeting, November 2023," LPEM FEBUI BI Board of Governor Meeting Brief 202311, LPEM, Faculty of Economics and Business, University of Indonesia, revised Nov 2023.
    • Handle: RePEc:lpe:gomeet:202311
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    File URL: https://lpem.org/repec/lpe/queouts/BBG202311.pdf
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