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Financial News: Indonesia Raises Rates For Second Time This Month

Indonesia Raises Rates For Second Time This Month

05/30/2018 - 04:15:00 (RTTNews)

(RTTNews) - Indonesia's central bank unexpectedly raised interest rates, for a second time this month on Wednesday.

In an unscheduled move, Bank Indonesia raised the 7-day reverse repo rate by 25 basis points to 4.75 percent.

On May 17, the bank had raised the benchmark rate by 25 basis points.

Rates on the deposit and lending facilities were also raised by a quarter-point each to 4 percent and 5.50 percent, respectively.

New rates will take effect on May 31.

The latest hike ensures that liquidity in the money market, both in rupiah and in the foreign exchange market is sufficient, Bank Indonesia Governor Agus Martowardojo said in a press conference. The Indonesian economy remains resilient to global pressures and the bank has prepared 4 steps to stabilize the rupiah, the top official said.

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