Financial News: Indonesia Central Bank Retains Key Rate

Indonesia Central Bank Retains Key Rate

11/20/2024 - 05:12:00 (RTTNews)

(RTTNews) - Indonesia central bank retained its interest rate for the second straight meeting on Wednesday after lowering the rate in September.

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

The board repeatedly said that the decision is consistent with its policy and ensure that inflation will remain within the target of 1.5 to 3.5 percent this year and next, and support sustainable economic growth.

In October, consumer price inflation eased to 1.71 percent from 1.84 percent a month ago.

The board today said it will pay close attention to the currency movement and future policy decision would depend on the performance of the rupiah.

Capital Economics' economist Gareth Leather said Bank Indonesia is likely to resume its easing cycle only when it has more confidence that the currency will stabilize. The economist has pencilled in the next cut for the second half of 2025.

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