Growing fears of recession, soaring interest rates and continuing high inflation. While the market volatility is global, the interest rate environment is more differentiated, particularly in Asia. Indonesia's central bank has refrained from raising borrowing costs, despite criticism it is lagging the international trend. Governor Perry Warjiyo said domestic subsidies have helped to keep inflation in check, and helped Bank Indonesia keep rates lower for longer. Analysts were surprised Indonesia did not hike rates in May, given pressure on the local currency and the local inflation outlook.
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