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Mandiri to cut lending rates 50 pts Nov. 1
JAKARTA: State-run Bank Mandiri, Indonesia's largest bank by assets, will cut lending rates by 50 basis points on Nov
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AKARTA: State-run Bank Mandiri, Indonesia's largest bank by assets, will cut lending rates by 50 basis points on Nov. 1, making for total rate cuts of 2.25 percent this year.
The rate cut is aimed at easing borrowing costs to help spur growth in the real sector, Mandiri said in a statement Sunday.
"Our policy to cut lending rates is in line with the decline in costs of funds and the improvement in national economic conditions. We expect the rate cut to be followed by other banks so that this will boost growth in the real sector and provide employment for the people," president director Agus Martowardojo said.
