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Jakarta Post

BI moves to bolster growth

  • The Jakarta Post

JAKARTA   /   Sat, April 4 2009   /  10:28 am

For the fifth month in a row, the central bank slashed its key interest rate to bolster domestic demand and stimulate economic growth slowed by a sharp drop in exports. The Bank Indonesia rate was cut by 25 basis point to 7.5 percent, BI Governor Boediono said Friday at a press conference, adding it had room for even more cuts. “We decided to cut the rates after a thorough evaluation of the economy and the financial situation, both abroad and domestically,” Boediono said. “Positive sentiments have been growing in the global economy following the G20 meeting, at which agreements were made on improving financial and capital market performance.” The central bank earlier cut its growth forecast for this year as the impacts on the country of the global economic meltdown worsened. It predicts the economy to grow by 3 to 4 percent this year, instead of initial fore...