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BI Raises Benchmark Rate to 6 percent

Translator

Editor

15 November 2018 18:48 WIB

Logo of Indonesia's central bank, Bank Indonesia. REUTERS/Fatima El-Kareem

TEMPO.CO, Jakarta - Bank Indonesia (BI) decided to increase the 7-Day Repo (7DRR) rate by 25 bps to 6.00 percent. This came as a result of the central bank's board of governors' meeting that ended today.  

"The decision is Bank Indonesia's next step in reinforcing efforts to curb the current account deficit until it is within a safe territory," BI governor Perry Warjiyo said in Jakarta, Thursday, November 15.

Bank Indonesia had announced that the current account deficit (CAD) in Q3/2018 reached US$8.8 billion, or 3.37 percent to the gross domestic product (GDP).

Perry said the rate hike would also make domestic financial assets more attractive to investors and help Indonesia's economy in anticipating the increase of global interest rates over the next several months. 

In addition to the 7DRR hike, BI also decided to raise the deposit facility rate and the lending facility rate by 25 bps each to 5.25 percent and 6.75 percent, respectively.

Caesar Akbar | Hendartyo Hanggi 

Banking and FinanceBank Indonesia


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