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Financial News: Indonesia's Central Bank Keeps Rates Unchanged

Indonesia's Central Bank Keeps Rates Unchanged

12/17/2020 - 03:26:00 (RTTNews)

(RTTNews) - Indonesia's central bank left its key interest rate unchanged, as expected, after cutting it by 25 basis points in November.

The Board of Governors of Bank Indonesia decided to retain the BI 7-day reverse repo rate at 3.75 percent. The bank had reduced the rate by a quarter-point last month.

The bank has lowered the rate by five times so far this year, by a cumulative 125 basis points.

The central bank retained its deposit facility interest rate at 3.00 percent and the lending facility rate at 4.50 percent.

The decision was consistent with forecasts for low inflation and maintained external stability, as well as efforts to support economic recovery, the bank said in a statement.

Indonesia's economic growth is expected to start positively in the fourth quarter of 2020 and in the range of -1 percent to -2 percent this year, and further increase in the range of 4.8-5.8 percent in 2021. The current account deficit is projected to be below 1.5 percent of GDP in 2020.

The central bank forecast 2020 inflation to be lower than the lower limit of the inflation target and return to its target of 2-4 percent in 2021.

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