Indonesia isn’t ruling out an out-of-cycle rate increase after policymakers surprised most forecasters with a hike last week, according to a central bank spokesman.

“As a possibility, it is always there even if it is very small,” Bank Indonesia’s spokesman Erwin Haryono said on late Thursday, after the Philippines delivered a 25-basis-point unscheduled rate hike. “But so far, the policy response delivered during the latest Board of Governors’ meeting is sufficient.”