Jakarta, March 17 -- Bank Indonesia removed any reference to a potential policy rate cut, citing rising global risks and mounting pressure on the rupiah, Governor Perry Warjiyo said Tuesday.

Warjiyo said escalating conflict in the Middle East prompted the central bank to drop guidance on easing, signaling instead a continued hold on the benchmark BI-Rate for the foreseeable future.

The decision aims to reinforce rupiah stability through calibrated intervention and maintaining adequate foreign-exchange reserves, he said during a virtual briefing in Jakarta.

He added that policy calibration will continue, balancing interest rates, intervention measures and reserve adequacy in line with evolving global and domestic conditions.

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