Indonesia's central bank keeps interest rates steady

Indonesia's central bank keeps interest rates steady

Bank Indonesia (BI) left the benchmark 7-day reverse repurchase rate at 3.50%, where it has been since February. The move was forecast by all 27 analysts in a Reuters poll as the central bank has flagged the need to maintain rupiah stability.

BI also kept the overnight deposit facility and lending facility rates unchanged at 2.75% and 4.25%, respectively.

BI has cut interest rates by a total of 150 basis points, pumped more than $50 billion liquidity into the financial system and relaxed lending rules since 2020 to help Southeast Asia’s largest economy recover from the COVID-19 pandemic.

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