Total loan growth rose to +5.9% YoY in February from a growth of +5.7% in the previous month.
The improvement in loan data is positive, although the outlook appears dim. Economic conditions are expected to worsen in 1H20, as the COVID-9 pandemic becomes a greater concern on domestic and global economic activity.
On currency, amid a shift in the economic situation, we revise our forecast for the USD/IDR to trade at 15,500 by end-2020. The potential global recession is causing market players to favour the more liquid USD.
On behalf of Ahmad Nazmi Idrus - RHB Sekuritas
Link to report: https://bit.ly/343VR4B
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