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Bank Indonesia Maintains Reference Rate at 4.5 Percent
Bank Indonesia Governor Agus Martowardojo speaks after getting Global Market annual award for Best Central Bank Governors on the occasion of the IMF/World Bank annual meetings in Washington, U.S., October 14, 2017. REUTERS/Yuri Gripas
Thursday, 19 October, 2017 | 21:38 WIB
Bank Indonesia Maintains Reference Rate at 4.5 Percent

TEMPO.CO, JakartaBank Indonesia (BI) has decided to maintain the reference rate at 4.5 percent. BI’s deposit facility interest rate is also maintained at 3.5 percent, and the lending facility interest rate stays at 5.0 percent.

“The BI Rates will apply on October 20, 2017,” Bank Indonesia’s economic and monetary policies department head Dody Budi Waluyo said in Jakarta on Thursday, October 19.

Dody revealed that the decision was made during the BI board of governors meeting that was held on October 18 and 19. The decision to maintain the rates is consistent with the effort to preserve macroeconomic and financial system stabilities, as well as to drive economic recovery while still taking global and domestic economic conditions into account.

Dody added that the interest rates are still sufficient to control the inflation rate. The consumer price index inflation in September was recorded at 0.13 percent month to month or 3.72 percent year on year, which is lower when compared to the average inflation rate over the last three years at 0.15 percent.

According to Dody, the central bank will continue to work with central and local governments to maintain the inflation rate at around 4.0 percent in 2017 and 3.5 percent in 2018 and 2019.

In addition, Bank Indonesia will also watch a number of risks posed by the US monetary policy and fiscal reform and geopolitical pressures in Europe and Korea. Other fiscal risks include the consolidation of the corporation and banking sectors.


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