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Financial News: Indonesia Central Bank Keeps Rate Unchanged

Indonesia Central Bank Keeps Rate Unchanged

02/21/2024 - 04:36:00 (RTTNews)

(RTTNews) - Indonesia's central bank left its benchmark rate unchanged for the fourth straight session on Wednesday.

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 maintained at 5.25 percent and the lending facility rate at 6.75 percent.

The bank is set to cut its rate in May but the risks are tilted towards the central bank cutting rates later than this, economists at Capital Economics said.

The central bank aims to keep inflation within the target of 1.5 to 3.5 percent in 2024. Inflation softened to 2.57 percent in January from 2.61 percent in the previous month.

The economy is projected to grow 4.7 to 5.5 percent this year, helped by improving exports and continued good domestic demand, the bank said.

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