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Bank Indonesia Keeps Benchmark Rate at 6.25%

Translator

Ririe Ranggasari

Editor

Laila Afifa

21 June 2024 07:12 WIB

TEMPO.CO, JakartaThe Bank Indonesia (BI) Board of Governors meeting on June 19-20 decided to maintain the benchmark interest rate or BI rate at 6.25 percent. BI Governor Perry Warjiyo said that the deposit facility rate also remained at 5.5 percent and the lending facility rate at 7 percent.

"This decision is consistent with the pro-stability monetary policy as a preemptive and forward-looking step to ensure that inflation remains under control," he said in a press briefing at the BI building on Thursday, June 20.

By not changing the policy rate, the central bank hopes to control inflation and keep it within the target range this year and in 2025. Loose macro-prudential policies will continue to be pursued to encourage bank financing for businesses and households.

On April 24, BI raised its benchmark interest rate to 6.25 percent to strengthen the stability of the rupiah exchange rate against possible worsening global risks.

From mid-May to mid-June, the rupiah depreciated by 2.79 percent on a monthly basis. The rupiah reached its lowest level since April 2020, mainly due to the appreciation of the US dollar.

Ilona Estherina

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