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Financial News: Bank Indonesia Keeps Key Rate Unchanged At 6.00%

Bank Indonesia Keeps Key Rate Unchanged At 6.00%

03/20/2024 - 08:26:00 (RTTNews)

(RTTNews) - Indonesia's central bank left its benchmark rate unchanged for the fifth straight meeting on Wednesday, as the current policy stance remains consistent to ensure inflation stays within the target range along with the stability of the rupiah exchange rate.

The Board of Governors of Bank Indonesia, led by Governor Perry Warjiyo, decided to hold the seven-day reverse repo rate at 6.00 percent.

The deposit facility rate was retained at 5.25 percent and the lending facility rate at 6.75 percent.

Recent official data showed that inflation for February was 2.75 percent, supported by low core inflation of 1.68 percent.

The bank expects inflation in 2024 to remain under control within the target of 2.5 ± 1 percent.

The growth of the Indonesian economy remains strong on the back of good domestic demand for household consumption and investment.

The bank predicts economic growth in 2024 to be in the range of 4.7 to 5.5 percent.

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