Indonesia's central bank raised interest rates in an off-schedule decision on Tuesday, pulling an emergency lever as mounting external and domestic pressures weighed on the country's currency.

印度尼西亚央行在周二的一次计划外会议上提高了利率，在国内外压力不断加大、对该国货币构成冲击之际，拉动了“紧急杠杆”。



Policymakers in Southeast Asia's largest economy raised the benchmark rate by 25 basis points to 5.50% and announced measures to support the rupiah, including incentives aimed at encouraging foreign investment.

这个东南亚最大经济体的政策制定者将基准利率上调了25个基点至5.50%，并宣布了支持印尼盾的措施，其中包括旨在鼓励外国投资的激励措施。

They also raised the overnight deposit facility rate and lending facility rate by 25 basis points each, to 4.50% and 6.25%, respectively.

政策制定者还将隔夜存款便利利率和贷款便利利率各上调25个基点，分别至4.50%和6.25%。

The moves are intended to stabilize the Indonesian currency amid heightened volatility stemming from the conflict in the Middle East and to ensure that inflation remains within target, Ramdan Denny Prakoso of Bank Indonesia's communication department said in a statement.

印尼央行沟通部的拉姆丹·丹尼·普拉科索在一份声明中表示，这些举措旨在稳定因中东冲突引发的高度波动中的印尼盾，并确保通胀率保持在目标范围内。

The rupiah strengthened after the announcement, while the local benchmark index extended gains. The dollar was last 0.6% lower at 18,060 rupiah, while the Jakarta Composite Index was up by over 5%, putting it on track to snap a four-session losing streak.

上述消息宣布后，印尼盾走强，而当地基准股指延续涨势。 美元兑印尼盾汇率最新下跌0.6%至1美元兑18060印尼盾，而雅加达综合指数上涨逾5，有望结束连续四个交易日的下跌。

Among the measures announced, BI said it would increase yields on its rupiah-denominated securities across tenors to boost returns for foreign portfolio investments. The securities, which are backed by government bonds, are used to manage liquidity and exchange-rate moves.

在宣布的措施中，印尼央行表示将提高其所有期限的印尼盾计价证券的收益率，以提高外国投资组合的回报。 这些以政府债券为担保的证券用于管理流动性和汇率变动。

It also cut hedging swap costs for overseas investors and said it would intensify market intervention efforts to support the rupiah.

印尼央行还降低了海外投资者的对冲互换成本，并表示将加大市场干预力度以支撑印尼盾。

The ramped-up currency defense echoes measures by India's central bank, which has deployed a range of non-monetary tools to aid the rupee amid broader pressure on regional currencies.

这种加大力度的货币防御措施与印度央行的行动如出一辙。印度央行在地区货币面临更广泛压力之际，动用了一系列非货币工具来支撑卢比。

Bank Indonesia also vowed to work closer coordination with fiscal authorities, saying an integrated policy mix would help support macroeconomic stability and growth.

印尼央行还誓言要加强与财政当局的协调配合，称“综合政策组合”将有助于支持宏观经济稳定和增长。

The economy's fundamentals remain resilient despite external shocks, it added.

该央行补充称，尽管面临外部冲击，但该国经济的基本面依然强劲。

Some investors remain unconvinced.

然而，一些投资者仍不相信。

Indonesian assets have come under heavy pressure in recent months, driven by a loss of investor confidence, concerns about domestic policymaking and geopolitical uncertainty around tariffs and the Iran crisis.

近几个月来，由于投资者信心丧失、对国内政策制定的担忧以及围绕关税和伊朗危机的地缘政治不确定性，印尼资产面临巨大压力。

Concerns began building last September following the departure of Finance Minister, Sri Mulyani Indrawati, widely viewed by foreign observers as a pillar of fiscal prudence.

去年9月，财政部长斯里·穆利亚尼·英德拉瓦蒂离职后，担忧情绪开始积聚。外国观察人士普遍认为她是财政审慎的支柱。

A series of policies by the Prabowo administration, including a move to centralize strategic commodities exports, has fed worries about interventionist, populist policymaking.

普拉博沃政府的一系列政策，包括将战略大宗商品出口集中的举措，引发了人们对干预主义和民粹主义政策制定的担忧。

The eruption of hostilities in the Middle East have added to the pressure on Indonesia assets, hitting the oil-sensitive rupiah, stoking fiscal anxiety as inflation accelerates and fueling a flight-to-safety among investors.

中东地区冲突的爆发进一步加剧了印尼资产面临的压力，重创了对油价敏感的印尼盾，随着通胀加速引发财政焦虑，并促使投资者逃离风险资产。

Even with the slight lift on Tuesday, the rupiah is still down over 8% versus the greenback year-to-date and the JCI remains one of the worst-performing indexes in Asia, down over 30% versus last year's 22% gain.

即使周二小幅上涨，印尼盾兑美元汇率今年迄今仍下跌逾8%，而雅加达综合指数仍是亚洲表现最差的股指之一，下跌逾30%，而去年该指数上涨了22%。

Credit agencies Moody's Ratings and Fitch Ratings have expressed concerns about government policymaking, while index providers FTSE Russell and MSCI have raised issues around Indonesia's investability.

信用评级机构穆迪评级和惠誉评级已对印尼政府的政策制定表示担忧，而指数供应商富时罗素和明晟则就印尼的可投资性提出了问题。

Indonesian regulators have taken steps to address some of those concerns by enhancing market transparency but analysts say a deeper change is needed to restore confidence.

印尼监管机构已采取措施，通过提高市场透明度来解决其中一些问题，但分析师表示，恢复信心需要更深层次的变革。

With the rupiah bleeding, the central bank had no choice but to hike and defend the currency, said Zerlina Zeng at CreditSights, though she questioned how effective the move will be.

信贷视点的泽琳娜·曾表示，随着印尼盾持续贬值，央行别无选择，只能加息并保卫印尼盾，尽管她质疑此举的有效性。

"The market is worried about lots of other macro issues: fiscal sustainability, governance, growth, fuel costs, tighter banking sector liquidity, and systemic vulnerability to foreign capital outflows," Zeng said.

曾表示：“市场担心许多其他宏观问题：财政可持续性、治理、增长、燃料成本、银行体系流动性收紧以及对外国资本外流的系统性脆弱性。”

For Jason Tuvey of Capital Economics, the emergency tightening is a band-aid at best.

对于凯投宏观的贾森·图维来说，紧急收紧政策充其量只是一块“创可贴”。

"Ultimately what's needed is a clear shift in direction by the government towards more investor-friendly policymaking," the economist said.

这位经济学家表示：“最终需要的是政府朝着更有利于投资者的政策制定方向进行明确转向。”

That doesn't appear imminent.

这种转向似乎不会很快到来。

It remains unclear whether next week's scheduled BI meeting will proceed as planned, but if it does, the outcome rests on what happens to the rupiah between now and then, Tuvey said.

图维表示，目前尚不清楚印尼央行计划于下周召开的例行会议是否会如期进行，但如果如期进行，会议结果取决于从现在到那时印尼盾的走势。

"If the currency reverses today's gains, we wouldn't be surprised if Bank Indonesia delivers further, and more aggressive, policy tightening to try to reassure investors."

他说：“如果印尼盾逆转今天的涨势，那么印尼央行进一步采取更激进的紧缩政策以安抚投资者，我们不会感到意外。”

素材来源：iYuba

本文来自公众微信号：英语阅读EnglishDaily