Jakarta Post: President Joko "Jokowi" Widodo is pushing his Cabinet to strengthen the economy in a bid to improve ease of doing business in the country and to reach investment grade by rating agency Standard & Poor's ( S&P ). The President has urged the ministers to not only follow up on the 12th economic policy packages but also to strive to improve Indonesia's investment rating to improve the perception of Indonesia in the global economy. S&P, the only global rating agency that has yet to release an update on Indonesia's sovereign rating, last gave a BB+ rating for Indonesia, slightly below investment grade rating of BBB, with a positive outlook. Meanwhile Moody's Investors Service and Fitch Rating have given Indonesia an investment grade rating. The President shared that the 12th policy package was important to improve 10 indicators of business regulation. Addressing implementation concerns, President Jokowi said that the policy package is to be seriously implemente d in the field and in accordance with what the government aims for.
On FX, USD/IDR 1M NDFs sold off from the 1-month high of 13475 in the morning, down towards 13400. Spot meanwhile gapped higher to open at a 1-month high of 13338 and traded just below the opening high. Rally now shifts the focus to the 13400 figure ahead of the 13435 strong resistance (28 Mar high), underpinned by dollar strength and sliding oil prices. JKSE last seen -0.1%. JP
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