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Indonesia
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Private lenders to PT Visi Media Asia secured a rare win in Indonesian court after a Jakarta judge ruled to fully admit their $560 million claim, allowing them to participate in the debt restructuring of the embattled media company, Bloomberg News reported. The ruling by Judge Kadarisman Al Riskandar of the Central Jakarta Commercial Court on Monday overruled an earlier decision by court administrators who had rejected the claim, according to a statement from a group of creditors. Lenders to the company include funds managed by Tor Investment Management and Varde Partners Inc.
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Indonesia’s central bank stood pat at its June policy meeting as expected, aiming to keep inflation in check as well as to maintain the rupiah’s stability, the Wall Street Journal reported. Bank Indonesia on Thursday kept its benchmark seven-day reverse repo rate at 6.25%. The central bank also held its overnight deposit facility rate at 5.50% and its lending facility rate at 7.0%. The decision is consistent with the bank’s pre-emptive, forward-looking stance to ensure inflation remains under control and to strengthen the rupiah, Bank Indonesia Gov.
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Foreigners pulled money out of their emerging market portfolios in April on concerns of a tighter monetary policy path in the U.S., with outflows from stocks in India and Indonesia leading the way, data from a banking trade group showed, Reuters reported. The Institute of International Finance data showed net non-resident portfolio flows for April came in at -$0.7 billion, the first monthly outflow since October. The figure compares with net inflows of $30.2 billion in March and a $16.3 billion inflow in April 2023, the IIF data show.
Indonesia’s central bank stood pat at its May policy meeting, a widely expected decision as policymakers keep an eye on rupiah stability and inflation against an uncertain backdrop, the Wall Street Journal reported. Bank Indonesia kept its benchmark seven-day reverse repo rate at 6.25%. All seven economists polled by The Wall Street Journal had expected the decision. The central bank also held its overnight deposit facility rate at 5.50% and its lending facility rate at 7.0%.
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Indonesia’s central bank delivered its first rate hike of the year, defying broad projections for a hold as it looks to support a tumbling rupiah, the Wall Street Journal reported. Bank Indonesia on Wednesday raised its benchmark seven-day reverse repo rate by 25 basis points to 6.25%, tightening policy settings for the first time since October last year. The decision is a “pre-emptive and forward-looking step to strengthen rupiah’s stability and cushion the impact of worsening global risks,” Bank Indonesia Gov. Perry Warjiyo said at a press conference.
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