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Financial News: Indonesia Central Bank Holds Key Rate

Indonesia Central Bank Holds Key Rate

05/22/2024 - 08:12:00 (RTTNews)

(RTTNews) - Indonesia's central bank left its benchmark interest rate unchanged on Wednesday after a surprise rate hike last month.

The Board of Governors of Bank Indonesia, governed by Perry Warjiyo, decided to maintain the seven-day reverse repo rate to 6.25 percent.

The current rate is the highest since 2016, when the bank made the seven-day reverse repo as its main policy rate.

Last month, the bank unexpectedly lifted the interest rate by a quarter-point. The bank has raised the rate by cumulative 275 basis points since August 2022.

The bank forecast inflation to remain within the target this year. The economy is projected to grow in the range of 4.7 to 5.5 percent in 2024.

Capital Economics' economist Gareth Leather said interest rates will be left unchanged over the next few months, but there is a good chance of a cut before the end of the year.

The economist said the timing of any rate cuts will be in large part determined by the performance of the currency.

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