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Bank Indonesia Follows Fed Move to Maintain Interest Rate

Translator

Ririe Ranggasari

Editor

Laila Afifa

20 June 2019 18:00 WIB

Bank Indonesia (BI) Governor Perry Warjiyo (second from left). TEMPO/Tony Hartawan.

TEMPO.CO, Jakarta - Bank Indonesia (BI) has completed its board of governors' meeting. The central bank decided to keep the benchmark 7-day Reverse Repo Rate (7DRRR) at its current level of 6.0 percent. 

BI spokesman Onny Widjanarko the decision not to change interest rates was made to ensure there is ample liquidity for banks to finance the domestic economy. 

Related: OJK Corrects Banking Growth Projection

The central bank also kept the deposit facility rate at 5.25 percent and the lending facility rate at 6.75 percent.

According to Onny, Bank Indonesia continues to direct its monetary operations to ensure liquidity in the financial market. Macroprudential policies are also aimed at accommodating credit disbursement by banks, in a bit to expand financing.

Like BI, the US' central bank The Federal Reserve (The Fed) also decided not to change its benchmark Fed Fund Rate (FFR). The Federal Open Market Committee was concluded on Wednesday, with the FFR kept at its current level of 2.25 to 2.5 percent.

HENDARTYO HANGGI

Bank IndonesiaThe Federal ReserveEconomy


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