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Insurance Rate to Follow Bank`s Interest Rate

Translator

Editor

24 August 2016 14:46 WIB

TEMPO.CO, Jakarta - The Deposit Insurance Corporation (LPS) will improve its process of setting the LPS rate following the reformulation of policy on interest rate by the central bank, according to LPS chairman Halim Alamsyah.

The reformulation refers to the Bank Indonesia (BI) rate cut to 5.25 percent. Halim said that in setting the LPS rate, his institution would refer to the banking deposit interest rate.

“The [interest rate] trend is currently decreasing, which the LPS rate is based on,” Halim said in Jakarta on Wednesday, August 24, 2016.

BI governor Agus D.W. Martowardojo earlier said that the reference rate adjustment was aimed at maintaining the reference rate to be close to the short-term interbank rate. He added that BI’s effort to manage and maintain the 7-day repo rate would cause the monetary policy to be implemented effectively.

Agus added that BI’s policy to lower the reference rate by 100 basis points this year had influenced the deposit interest rate and lowered the third party funds (DPK) by 91 basis points by August this year.

GHOIDA RAHMAH

Banking and Finance


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