Bank Indonesia Rate Meeting Amid Record-Low Rupiah & Autonomy Fears

Indonesia will hold its first monetary policy meeting of the year under a growing cloud of investor anxiety about the central bank’s autonomy, which has already sent the rupiah to its lowest level on record. Bank Indonesia is expected to maintain the benchmark BI-Rate at 4.75% on Wednesday, according to all 32 economists in a Bloomberg News survey, though BI surprised in nearly half of its 12 monthly meetings last year. Most forecasts were made before late Monday’s news that President Prabowo Subianto had nominated his nephew Thomas Djiwandono to the central bank’s top leadership.