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Economy in brief: BI rate set at 7.5 percent
Bank Indonesia says it has determined its benchmark interest rate (BI rate) for composing budgets in the future with a projection of 7
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ank Indonesia says it has determined its benchmark interest rate (BI rate) for composing budgets in the future with a projection of 7.5 percent.
'I can say that for budget composing purposes, we have determined that the BI rate will be 7.5 percent,' the central bank's governor Agus Martowardojo said as quoted by Antara news agency at the House of Representatives in Jakarta on Monday.
He said the bank determined the policy rate after it considered the current conditions and data it had collected and processed.
'The actuality may be different from what was drawn up. This policy is aimed at composing our budget projection and posture,' said Agus.
Bank Indonesia previously kept its benchmark interest rate steady at 7.5 percent for the sixth consecutive month during its board of governors' meeting earlier this month after it decreased the BI rate from 7.75 percent to 7.5 percent in February. In the meeting, the central bank also determined that the deposit facility rate (Fasbi) and the lending facility rate (Repo) should stay at 5.5 percent and 8 percent, respectively.
Agus said amid ongoing global economic uncertainties, the bank would optimize its monetary operations both in the rupiah currency market and the foreign currency market.
