JAKARTA. Vice President Jusuf Kalla has welcomed Bank Indonesia's (BI's) step to use the 7-Day Reverse Repo (RR) Rate as its new benchmark reference rate to replace its previous 12-month key reference rate (BI Rate). "The government, BI, and the Financial Service Authority had all agreed to use it some six months ago. The 7-Day RR Rate will be used to replace the BI Rate system. It is lower because it is only for seven days," Kalla stated at the Vice Presidential Office on Friday. Kalla noted that with the use of the 7-day RR benchmark reference rate, the banking rate could go down to some seven percent by June 2017.
Vice President welcomes new BI Repo Rate
JAKARTA. Vice President Jusuf Kalla has welcomed Bank Indonesia's (BI's) step to use the 7-Day Reverse Repo (RR) Rate as its new benchmark reference rate to replace its previous 12-month key reference rate (BI Rate). "The government, BI, and the Financial Service Authority had all agreed to use it some six months ago. The 7-Day RR Rate will be used to replace the BI Rate system. It is lower because it is only for seven days," Kalla stated at the Vice Presidential Office on Friday. Kalla noted that with the use of the 7-day RR benchmark reference rate, the banking rate could go down to some seven percent by June 2017.