Indonesia Proposes Stronger Rupiah Assumption in 2024 - Finmin

May 19, 2023, 11.11 AM | Source: Reuters
Indonesia Proposes Stronger Rupiah Assumption in 2024 - Finmin


MACROECONOMICS - JAKARTA. Indonesia's government proposed to parliament on Friday a slightly stronger assumption for its rupiah currency and a lower 10-year bond yield in 2024, finance minister Sri Mulyani Indrawati said, with the rupiah appreciating so far this year.

The government sees the rupiah trading within a range of 14,700 to 15,300 per dollar and 10-year bond yields averaging between 6.49% to 6.91% next year, she said.

The rupiah was emerging Asia's best performing currency, firming around 4% against the U.S. dollar so far this year.

Sri Mulyani previously said in April the rupiah is expected to trade within a range of 14,800 to 15,400 per dollar in 2024, while the average 10-year bond yield was expected to range between 6.5% to 7.4%.

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She added the government also adjusted 2024 assumptions for oil and gas lifting to a range of 597,000-652,000 barrels per day and 999,000-1.054 million barrels oil equivalent per day respectively.

The government assumed crude oil prices in a range of $75 to $85 a barrel next year, Sri Mulyani said.

Despite the changes in assumptions, the government will aim to keep its budget deficit in a range of 2.16% to 2.64% of gross domestic product (GDP), below 2023's target of 2.84% of GDP, she said.

Editor: Yudho Winarto

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