Indonesia’s central bank raises rates again to curb inflation
Bank Indonesia (BI) on November 17 raised its key interest rate by 50 basis points for a third consecutive month, saying it will enhance its response to "high" inflation expectations amid a strong economic backdrop.
Jakarta (VNA) - BankIndonesia (BI) on November 17 raised its key interest rate by 50 basis pointsfor a third consecutive month, saying it will enhance its response to"high" inflation expectations amid a strong economic backdrop.
BI Governor Perry Warjiyo told an online news conference thatthe "front-loaded" and "pre-emptive" move was aimed atanchoring inflation expectations and stepping up support for the rupiah.
While the global economy was slowing and some countries werefacing recession risks, he said activity in Southeast Asia's largest economywas improving.
The central bank stuck to its forecast that growth will be at the upper end ofits 4.5%-5.3% forecast range in 2022, adding GDP will be "high" nextyear.
With themove, BI has increased interest rates by a total of 175 bps since August,matching the scale of its last tightening cycle in 2018.
While Indonesia's inflation rate eased to 5.71% in October,it remained above BI's 2-4% target range for the fifth straight month and neara seven-year high of 5.95% in September.
Warjiyosaid the market's current consensus forecast for end-2022 inflation of 5.9% was"too high" compared with BI's revised expectation of 5.6%. Coreinflation was expected to peak at 3.7% in the first quarter of 2023, he said./.
Indonesian Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan has said the country will use a 20 billion USD investment package to create a sustainable economy for future generations.
Indonesia and the World Health Organisation (WHO) have signed a memorandum of understanding (MoU) on the establishment of a multilateral training centre and an emergency medical team (EMT) to deal with future health emergencies.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Photo: AFP)
