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Financial News: Indonesia CB Hikes Key Rate For Second Straight

Indonesia CB Hikes Key Rate For Second Straight Session

09/27/2018 - 04:58:00 (RTTNews)

(RTTNews) - Indonesia's central bank hiked the key interest rate for a second consecutive policy session as it tries to reduce its current account deficit amid a depreciation in the domestic currency.

The Board of Governors raised the 7-day reverse repo rate by 25 basis points to 5.75 percent, the Bank Indonesia said Thursday, in line with economists' expectations.

"The decision is consistent with ongoing efforts to lower the current account deficit within a manageable threshold while maintaining the attractiveness of the domestic financial markets, thus further strengthens Indonesia's external resilience despite widespread global uncertainty," the bank said.

The bank hiked the rate by a quarter-point in its previous policy session in August.

The central bank has now raised the rate by a cumulative 150 basis points since May, spread across five policy sessions. Bank Indonesia expects the current account deficit to shrink to around 2.5 percent of GDP in 2019, thanks to the government measures to stimulate exports and reduce imports.

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