BI keeps benchmark rate at 3.5pct, lowers GDP growth projection

23-Apr-2021 Intellasia | JakartaPost | 5:02 AM Print This Post

Bank Indonesia (BI) decided Tuesday to maintain its benchmark interest rate at 3.5 percent to safeguard the rupiah as uncertainty continues to haunt the global financial market. Aside from maintaining the seven-day reverse repo rate, the central bank also held the deposit facility rate and lending facility rate at 2.75 percent and 4.25 percent, respectively. “This decision is in line with the need to safeguard the stability of the rupiah’s exchange rate against the high uncertainty in the global financial market, although the inflation forecast remains low,” BI governor Perry Warjiyo said in a virtual presser on Tuesday following a two-day monetary policy meeting. He said the rupiah had depreciated 3.62 percent year-to-date as of Monday but the depreciation was lower than the currencies of emerging economies such as Brazil, Turkey and Thailand. Mea…

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Category: Indonesia

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