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BI cuts rate by 25 basis points to accelerate lending
Aditya Suharmoko , The Jakarta Post , Jakarta | Fri, 07/03/2009 2:33 PM | Business
The central bank has further cut its rate by 25 basis points, to 6.75 percent in a bid to accelerate bank lending, while maintaining stable macroeconomic conditions."The rate cut is expected to facilitate the acceleration of loans channeling, while considering monetary policies to maintain stability ahead," acting Bank Indonesia (BI) governor Miranda S. Goeltom said in a press conference Friday.
BI cut its rate by 275 basis points, from 9.5 percent, since November as a result of the global economic downturn.
Miranda said the development of global economic conditions in the second quarter indicated that the global recovery had begun.
"In the second quarter [this year], growth may reach between 3.7 percent and 4 percent," she said, anticipating a growth rate of about 4 percent for 2009.
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