Jakarta ● Fri, September 23 2022
Bank Indonesia (BI) has passed its second key interest rate hike this year, just a day after the United States Federal Reserve raised rates by 75 basis points (bps) for the third time in a row.
The BI board of governors decided on Thursday to lift the benchmark seven-day reverse repo rate (7DRRR) by 50 bps to 4.25 percent, a figure last seen in June 2020, while the lending and deposit facility rates went up 25 bps to 5.00 and 3.50 percent, respectively.
Economists from state-owned Bank Mandiri and financial research firm Moody’s Analytics had expected the rates to rise by just 25 bps, as had those polled by Reuters.
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