INDONESIA D AILY ECONOMIC UPDAT E
                                       Monday, 22 July 2019



ECONOMIC HIGHLIGHTS

     Directorate General of Taxation has simplified tax calculation process and ensured
      legal certainty by issuing new regulation (Perdirjen No. 14/2019) to revoke old
      regulation on individual income tax collection for certain businesses (Perdirjen No.
      32/2010).
     China will impose anti-dumping tariffs of 18.1 – 103.1 percent for stainless steel
      products from Indonesia (also from EU, Japan, and South Korea), effective July 23.

DAILY INDONESIAN FINANCIAL INDICATORS

                                                                               Change                  Change or total
                                                         Date of                since
                                                                     Unit
                                           Latest         latest                 last        In last       In last    Year-to-
                                           value          value                trading       week*         month*      date
                                                                                 day

Stock market
Jakarta Composite Index                       6,434        22 Jul                  -0.4%        0.2%          1.9%         3.9%
                  Net purchases by            -0.21        22 Jul    IDR, tn           --        -0.9          12.5         70.4
                   foreign investors

Exchange rate: IDR/USD
                   Bank Indonesia            13,963        22 Jul                   0.4%       -0.1%          -1.1%       -3.6%
                       Bloomberg             13,943        22 Jul                   0.0%        0.2%          -1.5%       -3.1%

Government bonds
              Yield: 1 year IDR bond          6.1%         22 Jul       bps          -0.8         -3            -44         -74
              Yield: 5-year IDR bond          6.6%         22 Jul       bps           4.1         -1            -45        -137
             Yield: 10-year IDR bond          7.2%         22 Jul       bps           4.5          3            -30         -88
       Foreign holdings of IDR bonds          1,011        18 Jul    IDR, tn            --        11             53         118
   Indonesia USD bonds strip spread             173        19 Jul       bps          -1.2          3            -19         -64
        Asia USD bonds strip spread             171        19 Jul       bps          -1.5          2            -15         -46
 Indonesia sovereign CDS: 5yr, mid-              85        19 Jul       bps          -1.5          0            -10         -52
                                price

Corporate bonds
  Indonesia USD bonds strip spread                 281     19 Jul        bps         -5.1              5        -57        -131

Interest rates
                            IndONIA            5.7%        19 Jul        bps        -16.3       -14.4         -15.9        -25.0
              IndONIA spread relative           -9.8       19 Jul        bps        -16.3        10.6           9.1          0.0
                        to policy rate

International reserves                        123.8       30 Jun    USD, bn             --         --           3.5          3.2

* One week and month prior to latest observation


SOURCES
Data are taken from the following: the latest Jakarta Stock Exchange and Indonesian government IDR bond yield data are taken
from the Indonesian Stock Exchange (www.idx.co.id). BI IndONIA and IDR mid exchange rates from Bank Indonesia (www.bi.go.id),
after 5 pm each day. BI reports international reserves data directly. 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). The CDS
premium on 5-year Indonesian government USD bonds and Indonesian corporate bond spreads are sourced from JPMorgan.