2022 State Budget: Fiscal Policy and Structural Reform
Source: Reuters, Bloomberg (calculated)
28-Jan
22-Feb
19-Mar
13-Apr
8-May
2-Jun
27-Jun
22-Jul
16-Aug
10-Sep
5-Oct
30-Oct
24-Nov
19-Dec
13-Jan
7-Feb
3-Mar
Movement of Rupiah
a.o 15 Des' 21
Quarterly Average
Exchange Rate In Line with Fundamentals
Monthly Average
IDR/USD
15,711
14,673
14893
14,494
15,179
14,5 14,800
14,381
14,22 14,232
14254
14,113
14120
13,714 14,855
14,708
1437
- 14157
14320
14,529
14399
14,387
14,180
15,000
14,25 14.2 14,366
14,500
14332.5
14,201
14754
14134
140641421 14,105
14,12
14,141
14,023
14,031
14,006
14,044
14,378
14254
28-Mar
22pr
17-May
11-Jun
6-Jul
31-Jul
25-Aug
19-Sep
14-Oct
ΛΟΝ-8
3-Dec
28-Dec
22-Jan
16-Feb
13-Mar
Apr
May
27-May
21-Jun
16-Jul
10-Aug
4-Sep
29-Sep
24-Oct
18-Nov
13-Dec
Rupiah Exchange Rate Fared Relatively Well Compared to Peers
YTD 2021 vs 2020
TRY
-50.15
-19.80
THB
ZAR
JPY
EUR
BRL
KRW
PHP
point-to-point
average
MYR
INR
As of 15-Dec-21
SGD
IDR
CNY
-60.0
-50.0
-10.37
-2.03
-8.53
11.28
-9.51
-2.59
-8.94
3.66
-8.74
-4.74
-8.40
3.22
-4.64
0.78
-4.57
1.37
-3.84
0.22
-3.07
2.66
-1.97 1
1.60
2.45
6.93
Rupiah Exchange Rate Volatilty
a.o 15 Dec 2021
%
100
90.28
80.93
Oct-21
90
Nov-21
80
Dec-21
25.21
26.94
1610116.42
3.51
11.10
5.01 11.12
5.23.12 5.7379.25
3.08.28393 5.04
232
70
60
50
40
30
13.586
20
3.34.592.9.21
10
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
BRL ZAR
TRY
IDR KRW THB MYR
INR SGD
PHP
17,000
16,500
16,000
15,500
14,000
13,500
13,000
In response to external sector resilience and Bank Indonesia's
stabilisation measures, rupiah exchange rate movements remain under
control despite continued global financial market uncertainty. As of
15th December 2021, the value of the rupiah depreciated slightly by
0.07% (ptp) and 0.70% on average compared with the November 2021
level. The weaker rupiah stems from foreign capital outflows despite a
maintained domestic supply of foreign exchange and the positive
perception of investors concerning the promising domestic economic
outlook. Compared with the level at the end of 2020, therefore, the
rupiah has depreciated by 1.97% (ytd), which is relatively lower than the
depreciation experienced in several other developing economies,
namely India (3.93% ytd), the Philippines (4.51% ytd) and Malaysia
(4.94% ytd). Bank Indonesia continues to strengthen rupiah exchange
rate stabilisation policy in line with the currency's fundamental value
and market mechanisms through effective monetary operations and
adequate market liquidity.
53
33View entire presentation