BI may hold policy rate next week. Despite the solid economic data, we believe that the central bank will hold its 7DRRR at 4.75% in next week’s governor board meeting as a precautionary action. The Rupiah has depreciated by 3.26% month-to-date, in line with other emerging countries amid the global uncertainty. Fortunately, Bank Indonesia has shown its commitment to stabilize the exchange rate as the Rupiah was closed at Rp13,288 today. Meanwhile, the government conducted efforts to stabilize the bond market by buying back its bonds worth Rp500bn. We believe that BI’s intervention activity will continue to persist both in the FX and bond market going forward.