Analysts from Bank of New York Mellon anticipate that the Indonesian central bank will keep its policy rate unchanged at 4.75% on February 19. According to Jin10, the bank is expected to maintain a dovish stance, although the threshold for further rate cuts remains high. The institution highlights a shift in focus from growth promotion to stabilizing the Indonesian rupiah, which may include significant foreign exchange interventions. High loan rates and administrative measures like nickel production cuts are supporting the rupiah's exchange rate. The bank notes that the Indonesian central bank is likely to remain vigilant amid ongoing local asset volatility. However, this approach is seen as a tool to support the exchange rate through administrative measures rather than direct intervention, with its impact requiring time to materialize and often initially overlooked.