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Financial News: Indonesia Holds Key Interest Rate Steady

Indonesia Holds Key Interest Rate Steady

07/19/2018 - 06:26:00 (RTTNews)

(RTTNews) - Indonesia's central bank held the key interest rate steady on Thursday after hiking it thrice to stabilize the currency.

The Board of Governors held the 7-day reverse repo rate unchanged at 5.25 percent, the Bank Indonesia said, in line with economists' expectations.

The central bank raised the rate from 4.25 percent in three instances since May.

The deposit facility rate was maintained at 4.50 percent and the lending rate at 6.00 percent.

Bank Indonesia said it will continue to monitor the global and domestic economic developments and outlook in order to strengthen policy mix response in maintaining domestic financial market attractiveness.

The bank noted that the 50 basis point easing in the key interest rate in June allowed the Rupiah strengthen at the start of July. The favorable market response attracted non-resident capital inflows to domestic financial markets, especially tradeable government securities, thus prompting Rupiah appreciation, the BI added.

However, the Rupiah came under pressure due to uncertainty in the global financial markets that caused US dollar appreciation.

The bank said it will remain vigilant of global financial market uncertainty risks, while maintaining the Rupiah exchange rate in line with the currency's fundamental value, backed by financial market deepening efforts.

The central bank expects investment growth and strong domestic demand to continue. However, the BI now sees growth for this year at the lower end of the 5.1-5.5 percent range due mainly to weaker exports. Annual inflation for this year is forecast around the midpoint of the 3.5±1% target corridor.

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