TEMPO.CO, Jakarta - The Indonesian Chamber of Commerce and Industry hopes that Bank Indonesia could lower its benchmark rate again. The BI Rate, which is currently at 7.5 percent, is considered to be too high and makes lending rates a burden to the real sector.
Speaking at the 'Trade & Investment Forum: East Indonesian Regions' yesterday, Kadin chief Suryo Bambang Sulistio said the BI Rate is ideally lowered to six percent, as local businesses need policy support to stay in competition and take investment risks.
Suryo said a lower BI Rate will help grease the wheels of the national economy.
Last week's BI board meeting decided to keep interest rates at 7.5 percent. The meeting also resulted in the cuts of the minimum loan-to-value rate and the minimum reserve requirement.
BI Deputy Governor Perry Warjiyo said the policy is expected to boost economic growth. "With the LTV rule eased, credit growth will reach 15 percent," he said.
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