INDONESIA ECONOMIC WEEK IN REVIEW1 March 04-08, 2019 WEEKLY ECONOMIC HIGHLIGHTS  The Jakarta Composite Index declined 1.8 percent over the week, in line with major markets in the region.  The Rupiah appreciated against the Euro by 0.7 percent but depreciated against the US dollar and Japanese Yen by 0.8 percent and 1.0 percent, respectively, over the week.  The government raised IDR 8.9 trillion from the issuance of Rupiah-denominated Sharia bonds on March 05.  Foreign exchange reserves stood at USD 123.3 billion at the end of February, USD 3.2 billion higher than the January level.  The Ministry of Finance (MoF) is planning to revise the luxury goods tax (PPnBM) scheme on four-wheel vehicles, in an effort to boost automotive industry production and exports.  MoF is considering to give incentive funds to the local governments boosting their exports.  The state-owned electricity company PT Perusahaan Listrik Negara (PLN) is planning to issue global bonds worth USD 1.5 billion, in an effort to accelerate electrification and the development of more power plants.  Bank Indonesia (BI) reported that the retail sales index stood at 218.1 in January, growing by 7.2 percent yoy. IDX composite index IDR/USD exchange rate Level (index) and weekly change (percent) Level (IDR/USD) and weekly change (percent) IDR 5-year government bond yield Indonesia USD EMBI Spread Level (percent) and weekly change (bps) Level (percent) and weekly change (bps) FINANCIAL MARKET INDICATORS Change or total: Date of Latest latest Year to Indicator value value Unit 7 days* 30 days* 90 days date Stock market Jakarta Composite Index 6,383 08 Mar -1.8% -1.5% 4.2% 3.0% Net purchases by foreign investors -0.61 08 Mar IDR, tn 0.1 -4.0 4.0 9.8 Exchange rate: USD/IDR 14,223 08 Mar 0.8% 1.8% -2.2% -1.8% Government bonds Yield: 1 year IDR bond 6.5% 08 Mar bps -3.5 -14 -31 -27 Yield: 5-year IDR bond 7.6% 08 Mar bps 4 -22 -44 -38 Yield: 10-year IDR bond 8.1% 08 Mar bps 9 2 -10 -3 Foreign investor holdings of IDR 945 08 Mar IDR, tn -1.1 25.3 46.0 51.3 government bonds Indonesia USD bonds stripped spread 202 08 Mar bps 14 13 -29 -35 Asia USD bonds stripped spread 188 08 Mar bps 10 7 -26 -29 Interest rates IndONIA 5.9% 08 Mar bps 0 91 0 0 Spread relative to policy rate -9 08 Mar bps 0 16 0 0 International reserves 123.3 28 Feb USD, bn -- 3.2 8.1 -6.9 * One week and month prior to the latest observation 1DISCLAIMER This is an internal document and is not for wider circulation. All data and information are from third party sources unless otherwise noted (full list of sources provided at the end of the document). The accuracy of data, statistics or events presented in this document are not independently verified and the document reflects staff interpretation of recent economic developments. INTERNATIONAL FINANCIAL MARKET INDICATORS Value on Change since Change over earlier period 8-Nov-16 Year on Year to 08-Mar-19 US 7 days 30 days 90 days year date Election STOCK MARKET Indonesia Composite Index 6,383 18.5% -0.9% -1.8% -1.5% 4.2% 3.0% Agriculture 1,519 -13.1% -9.7% -0.8% -7.9% 1.8% -2.9% Mining 1,874 34.1% -0.2% -0.7% -2.7% 7.8% 5.5% Finance 1,215 50.5% 3.2% -1.5% -2.0% 4.0% 3.4% Basic industry 870 62.9% 15.8% -1.3% -4.7% 3.2% 1.7% Consumer 2,644 7.5% -2.6% -2.0% 1.3% 5.4% 2.9% Manufacturing 1,629 15.1% 1.4% -1.7% -2.2% 2.5% 0.7% Infras., utilities & trans 1,164 7.3% 0.1% -4.6% 1.6% 11.4% 9.4% Australia 6,287 17.9% 4.0% 0.2% 3.6% 9.2% 10.1% H.K. 28,228 23.8% -7.9% -2.0% 0.9% 8.3% 9.2% Japan 21,026 22.4% -1.6% -2.7% 0.9% -3.0% 5.1% Malaysia 11,637 2.8% -8.2% -0.2% 0.7% 1.4% 1.7% Philippines 7,797 8.3% -7.0% 2.0% -3.4% 4.5% 4.4% Singapore 3,196 14.1% -8.2% -0.8% 0.4% 2.7% 4.1% Thailand 1,630 8.5% -8.4% -0.7% -1.4% -1.4% 4.2% U.S. S&P 500 2,743 28.7% 0.1% -2.2% 0.2% 4.2% 9.4% FOREIGN EXCHANGE RATES USD exchange rates: IDR 14,223 8.7% 3.3% 0.8% 1.8% -2.2% -1.8% Euro 0.89 -1.4% 10.7% 1.4% 1.8% 1.3% 2.0% Singapore Dollar 1.36 -2.1% 3.5% 0.5% 0.5% -0.6% -0.4% Thai Baht 31.83 -9.1% 1.6% 0.6% 1.7% -3.0% -1.9% Korean Won 1,136 -0.6% 6.2% 1.0% 1.6% 1.5% 1.8% Japanese Yen 110.98 6.3% 4.8% -0.7% 1.0% -1.6% 0.5% IDR cross rates: Euro 15,923 9.8% -6.8% -0.7% -0.6% -3.7% -3.8% 100 Yen 12,753 1.6% -1.8% 1.0% 0.0% -1.1% -2.7% UPCOMING EVENTS AND DATA RELEASES  Export and Import Report, February data (March 15, 2019) DATA SOURCES Data are taken from CEIC, with the following exceptions: the latest Jakarta Stock Exchange and Indonesian government IDR bond yield data are taken from the Indonesian Stock Exchange (www.idx.co.id), and IDR mid exchange rates from Bank Indonesia (www.bi.go.id), after 5 pm each day. BI reports international reserves data directly, with a lag of approximately two weeks. CEIC provides the latest BI JIBOR rates via a special direct data service. The Directorate General of Debt Management at the Indonesian Ministry of Finance provides data on the foreign holdings of IDR government bonds (www.djppr.kemenkeu.go.id) contains the most recent observation). Indonesian government USD bond spreads are sourced from DEC’s GEM dataset.