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Indonesia Central Bank Cuts Rate By 25 Bps

Indonesia's central bank reduced its key interest rate for the fourth time this year on Thursday to support economic recovery amid the coronavirus pandemic.

The Board of Governors agreed to cut the BI 7-day reverse repo rate by 25 basis points to 4.00 percent. This was the fourth reduction and the last change in the rate was a 25 basis points cut on June 18.

The overnight deposit facility rate and lending facility rate were lowered by 25 basis points to 3.25 percent and 4.75 percent, respectively.

The bank said the decision was consistent with the objective of achieving inflation target and maintain external stability and to support economic recovery.

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