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Financial News: Indonesia Raises Key Interest Rate By 25 Bps

Indonesia Raises Key Interest Rate By 25 Bps

05/17/2018 - 08:06:00 (RTTNews)

(RTTNews) - Indonesia's central bank raised its key interest rate by a quarter point, on Thursday.

Bank Indonesia's Board of Governors voted to hike the 7-day reverse repo rate to 4.50 percent from 4.25 percent.

The key rate has been at 4.25 percent since September 2017.

The deposit facility rate was lifted to 3.75 percent from 3.50 percent and the lending rate facility to 5.25 percent from 5.00 percent.

The bank said it will continue to monitor economic developments and stands ready to take stronger measures to ensure macroeconomic stability.

The bank expects economic growth to remain within the range of 5.1-5.5 percent in 2018 and inflation to remain at the 2018 target of 2.5-4.5 percent.

The outlook for monetary policy will continue to be dependent on the performance of the currency, Gareth Leather, an economist at Capital Economics, said. The economist expects further rate hikes before the end of the year.

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