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The rupiah recovered to around 14,700 per dollar on May 19, 2022, after the government announced a fuel subsidy and a 2022 budget proposal. The plan raises the crude oil price assumption to $95-$105 per barrel and sets the fiscal deficit target at 4.3-4.5% of GDP.
Higher fiscal spending and a higher oil assumption raise pressure on Indonesia's currency and public finances, which can lift the dollar cost of imported feed.
octaafrica.netMay 19, 2022Not enough comparable past events yet for a historical read.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
