In mid-2013, as the current account deficit topped 4 percent, inflation neared 10 percent and the rupiah tumbled, BI tightened monetary policy.
Between June and November - when the benchmark rate was last changed - it raised interest rates 175 basis points to 7.50 percent.
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The rupiah, which weakened more than 21 percent in 2013, has strengthened more than 4 percent this year. The election of Widodo as president has helped bolster the currency.
A brake on growth
After the announcement on the second quarter's current account deficit, the rupiah pared some of its gains for the day and was at 11,680 to the dollar. It had ended Wednesday at 11,690.
The central bank's past rate hikes have put a brake on inflation and economic growth.
GDP growth had slowed to the weakest pace since late 2009 at 5.12 percent in the second quarter of this year and annual inflation had dropped to 4.53 percent in July.
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Economists agree monetary policy will remain tight for the rest of the year, if not get tighter given the risk that The U.S. Federal Reserve, which is steadily cutting its quantitative easing, moves sooner than expected to raise interest rates.
At present, there's record foreign ownership of Indonesian government bonds, but higher interest rates in the U.S. could cause outflows from them.
Most analysts in a Reuters poll expected BI to keep the benchmark interest rate steady until end of 2014, but two saw a rise of 25 basis points to 7.75 percent before January.