2022 State Budget: Fiscal Policy and Structural Reform
Stable Monetary Environment Despite Challenges
Well Maintained Inflation Ensured Price Stability
222 000 + 2
20
18
16
14
12
10
8
Strengthened Monetary Policy Framework
(%)
CPI (%, yoy) rhs
8.00
Core (%, yoy) - Ihs
7.00
Volatile Food (%, yoy) - Ihs2
LF Rate: 7.00
6.00
BI Rate: 6.50
Administered (%, yoy) - lhs
5.00
3.05
4.00
6
4
0
H
2013 2014 2015 2016 2017
Rupiah Exchange Rate Fared Relatively Well Compared to Peers
1.44
3.00
1.75
2.00
1.69
19 August 2016
The New Monetary
Operation Framework
Mar-16
May-16
Jan-16
Jul-16
Q3-2016
Q1-2017
2018 2019 2020 Nov-21
Credit Growth Profile
% yoy
20.0
Q3-2017
Q1-2018
Q3-2018
Q1-2019
Q3-2019
Jan-20
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
LF Rate: 4.25
BI 7Day RR Rate: 3.50
DF Rate: 2.75
Dec-21
TRY
-50.15
-19.80
THB
-10.37
-2.03
ZAR
-8.53
15.0
11.28
JPY
-9.51
-2.59
10.0
EUR
-8.94
3.66
BRL
-8.74
-4.74
5.0
KRW
-8.40
3.22
5.38
4.73
PHP
-4.64
0.78
0.0
■point-to-point average
MYR
-4.57
1.37
4.11
Total Growth
Working Capital Loans
INR
-3.84
-5.0
0.22
Investment Loans
SGD
-3.07
Consumption Loans
2.66
-10.0
IDR
-1.97
1.60
CNY
As of 15-Dec-21
2.45
6.93
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
Apr-16
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
Apr-20
Jul-20
Oct-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Source: Reuters, 18omberg Calculated 40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
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