KONTAN.CO.ID - JAKARTA. Indonesia's central bank cut interest rates for a sixth time during the pandemic and eased lending rules on Thursday in a bid to boost the coronavirus-hit economy as it downgraded its growth forecast for 2021. Bank Indonesia (BI) cut the benchmark 7-day reverse repurchase rate by 25 basis points (bps) to 3.50%, the lowest since it began using the instrument as its benchmark in 2016. The move was forecast by a majority of 30 analysts in a Reuters poll. "This decision is consistent with expectations of inflation staying low, the rupiah remaining stable, and as a further step to push the momentum of the nation economic recovery," Governor Perry Warjiyo told a virtual briefing.
Indonesia central bank delivers 6th rate cut of pandemic, relaxes lending rules
KONTAN.CO.ID - JAKARTA. Indonesia's central bank cut interest rates for a sixth time during the pandemic and eased lending rules on Thursday in a bid to boost the coronavirus-hit economy as it downgraded its growth forecast for 2021. Bank Indonesia (BI) cut the benchmark 7-day reverse repurchase rate by 25 basis points (bps) to 3.50%, the lowest since it began using the instrument as its benchmark in 2016. The move was forecast by a majority of 30 analysts in a Reuters poll. "This decision is consistent with expectations of inflation staying low, the rupiah remaining stable, and as a further step to push the momentum of the nation economic recovery," Governor Perry Warjiyo told a virtual briefing.