Realization and National Inflation Targets (%, yoy)  (%)  7  18  6  16  5  12  14  12.12  10  4 3  8  3.61  3.35  6  3.13  3.02  2  4  2.72  2 0  1  -2  0  2015  2016  2017  2018  Range Inﬂation Target  2019  -0.47 4  8  12  2015  2020*  Inﬂation Realization  4  8  12  2016  4  8  2017 Credit  12  4  8  2018  12  4  8  2019  12 4  8  10  2020  Deposits  Source: BPS and Bank Indonesia projections  Source: Bank Indonesia  at the end of 2020 will be lower than 2% and in 2021 will be controlled within the target of 3.0±1% (Graph 17).
So, what does the neutral rate mean? Intuitively, I think of the nominal neutral interest rate as the level of the federal funds rate that keeps output growing around its potential rate in an environment of full employment and stable inflation. 3  1 I am grateful to John Roberts of the Federal Reserve Board for his assistance in preparing this text.