Jakarta Bank Indonesia (BI) has decided to cut its benchmark rate, or the BI Seven-Day Reverse Repo Rate (BI7DRRR), by 25 basis points to 3.5 percent in line with the low inflation projection.
“This decision is consistent with the forecast of low inflation rate and stability of the rupiah’s exchange rate and is a follow up to (the step to) drive the momentum of national economic recovery,” BI Governor Perry Warjiyo stated during an online press conference in Jakarta on Thursday.
The decision was taken following a two-day meeting of BI’s board of governors ending on Thursday.
The central bank also lowered the deposit facility rate by 25 basis points to 2.75 percent and the lending facility rate by 25 basis points to 4.25 percent.
Since 2020, BI has lowered its benchmark rate by 150 basis points.
Source: Antara News