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Jakarta Post

Lower credit rates a pipe dream for consumers this year

The Jakarta Post Image
Coordinating Economic Minister Darmin Nasution (center) chats with Deputy Energy and Mineral Resources Minister Arcandra Tahar (left) and Financial Services Authority (OJK) chairman Wimboh Santoso.(JP/Grace D. Amianti)
Winny Tang and Rachmadea Aisyah
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Jakarta   ●   Mon, September 11, 2017

Bank customers who rely on bank credits to buy houses or vehicles may need to stretch their patience as they apparently will not see lower loan rates this year.

It will take more than six months before banks trim down lending rates, a move aimed at reviving the appetite for investment in the country, the Financial Services Authority (OJK) has predicted.

Following the central bank’s move to cut its benchmark rate last month, many banks will likely push down time deposit rates and they will take more time to lower lending rates for money borrowers, the banking authority said.

Bank Indonesia (BI) unexpectedly slashed down its seven-day reverse repurchase (repo) rate by 25 basis points (bps) to 4.5 percent for the first time since last October to help boost tepid economic growth.

“We will push for the reduction of lending rates. We will ...

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