Perry Warjiyo, Bank Indonesia (BI) Governor offered a grim outlook on the economy during his appearance before the Parliament on Monday.

Key quotes

“Indonesia's annual economic growth may slow to 4.37% next year partly due to the impact of domestic monetary tightening.”

“Predicting economic indicators was difficult due to volatility in the global economy.”

“Numbers could be discussed further with lawmakers.”

“Headline inflation forecast was of 6.11% for end-2022 and 3.61% for end-2023 at the hearing.”

His presentation showed the figure for 2022's inflation was BI's forecast as of Nov. 3.

Market reaction

Amid the downbeat economic forecasts from the central bank Governor, USDIDR is keeping its range near three-week highs of 15,713. The pair is adding 0.14% on the day, last seen trading at 15,707.50.