印尼雅加达综合指数 (JCI) 加自选

印尼央行出人意料地降息以促进经济增长。印尼央行周三再次出人意料地降息，这是自去年9月启动宽松周期以来的第六次降息，称经济增长需要加强。

Indonesia central bank delivers surprise rate cut to boost growth.Indonesia's central bank delivered another surprise interest rate cut on Wednesday, its sixth cut since it kicked off an easing cycle in September last year, saying economic growth needed to be strengthened.

印尼央行在2025年9月的政策会议上出人意料地将基准利率下调25个基点至4.75%，这是连续第三个月降息，违背了市场将利率稳定在5.0%的预期。这是自去年9月以来的第六次降息，使基准利率降至2022年10月以来的最低水平。这一决定反映了对2025-2026年通货膨胀率将保持在央行2.5%±1%的目标范围内、卢比汇率稳定以及支持经济增长的持续努力的预测。最近的数据显示，第二季度国内生产总值同比增长5.12%，为两年来最高水平。本周早些时候，政府公布了2025年第四季度价值近10亿美元的刺激计划。与此同时，8月份的年通货膨胀率降至2.31%，完全在央行的目标范围内。此外，隔夜存款利率下调50个基点至3.75%，而贷款利率下调25个基点至5.50%。

Bank Indonesia unexpectedly cut its benchmark interest rate by 25 bps to 4.75% at its September 2025 policy meeting, marking the third consecutive monthly rate cut and defying market expectations to hold rates steady at 5.0%. This is the sixth rate reduction since last September, bringing the benchmark rate to its lowest level since October 2022. The decision reflects projections that inflation for 2025–2026 will remain within the central bank’s target range of 2.5% ± 1%, a stable Rupiah exchange rate, and ongoing efforts to support economic growth. Recent data showed that GDP grew by 5.12% yoy in Q2, its highest pace in two years. Earlier this week, the government unveiled a stimulus package worth nearly USD 1 billion for Q4 of 2025. Meanwhile, annual inflation eased to 2.31% in August, staying well within the central bank’s target range. Additionally, the overnight deposit facility rate was lowered by 50 bps to 3.75%, while the lending facility rate was cut by 25 bps to 5.50%.

2025年8月，印尼的年贷款增长率从7月的7.03%小幅上升至7.56%，这是自2022年3月以来的最低水平。在银行继续谨慎发放信贷的同时，贷款利率持续高企，因此出现了温和的上升。这导致了大量未发放的贷款。截至2025年8月，未发放贷款比率为2372.11万亿印尼盾，占可用信贷上限的22.71%。尽管面临这些挑战，印尼央行仍预测，到2025年，整体贷款增长将保持在8%至11%的范围内。

Annual loan growth in Indonesia increased slightly to 7.56% in August 2025, up from 7.03% in July, which had marked the slowest pace since March 2022. The modest uptick occurred amid continued caution among banks in extending credit, alongside persistently high loan interest rates. This has contributed to a substantial volume of undisbursed loan facilities. As of August 2025, the undisbursed loan ratio stood at IDR 2,372.11 trillion, representing 22.71% of the available credit ceiling. Despite these challenges, Bank Indonesia maintains its forecast that overall lending growth will remain within the 8% to 11% range for 2025.

周二，印尼盾兑美元汇率从上一交易日的16415反弹至16370左右。复苏之前，政府宣布将于2025年第四季度实施新的16.2万亿印尼盾刺激计划，其中一些措施将延长至2026年。新任财政部长Purbaya Yudhi Sadewa表示，这些支持措施不会改变2025年预算赤字占GDP 2.78%的预测。上周，当局向五家国有银行部署了200万亿印尼盾，以提高流动性、刺激贷款和支持增长。在货币政策方面，印尼央行在7月和8月连续降息后，预计周三将保持利率在5%不变。9月初，在全国性抗议活动中，长期以来因谨慎的财政立场而受到尊重的斯里·穆利亚尼·英德拉瓦蒂突然退出后，卢比徘徊在一个月低点。与此同时，由于市场等待美联储降息，美元指数稳定在97.3左右，接近两个月低点。

The Indonesian rupiah strengthened to around 16,370 per dollar on Tuesday, rebounding from 16,415 in the prior session. The recovery followed the government’s announcement of a fresh IDR 16.2 trillion stimulus package to be implemented in Q4 2025, with some measures extended into 2026. New Finance Minister Purbaya Yudhi Sadewa said the support measures would not alter the 2025 budget deficit forecast of 2.78% of GDP. Last week, authorities deployed IDR 200 trillion into five state-owned banks to boost liquidity, spur lending, and support growth. On monetary policy, Bank Indonesia is expected to keep rates unchanged at 5% on Wednesday after back-to-back cuts in July and August. In early September, the rupiah hovered at a one-month low following the sudden exit of Sri Mulyani Indrawati, long respected for her prudent fiscal stance, amid nationwide protests. Meanwhile, the dollar index held steady at around 97.3, near a two-month low, as markets awaited a Fed rate cut.