BI Holds Interest Rate at 6.00%

Thursday, 21 December 2023

BI Holds Interest Rate at 6.00%

JAKARTA. Bank Indonesia (BI) has again decided to maintain the benchmark interest rate at 6.00%. This means that the benchmark interest rate decided at the BI Board of Governors Meeting (RDG) on Thursday (21/12) is the same as last month's decision.

The RDG changed the reference to the benchmark interest rate, from the previous BI 7-Day (Reverse) Repo Rate to the BI Rate. The aim is to strengthen monetary policy communication without changing its essence.

In addition to holding the BI rate, the monetary authority also set the Deposit facility at 5.25% and the lending facility rate at 6.75%.

In its written statement, BI stated this decision was based on the focus of monetary policy carried out, namely maintaining exchange rate stability and anticipating risks that will be faced in the future or forward-looking.

Regarding the exchange rate, BI said the rupiah currency on December 20, 2024, on average strengthened by 0.44% compared to November 2023.

By maintaining the benchmark interest rate, BI revealed that it is committed to keeping the inflation rate under control at the level of 2.5 ± 1% in 2024.

As an illustration, the inflation rate or consumer price index in November 2023 was recorded at 2.86% year on year (YoY). So throughout 2023 Indonesia's inflation is expected to be in the range of 3.0±1%. (ASP/KEN)


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