Indonesia’s central bank has decided to hold the benchmark interest rate at 7.5 percent, which has been kept unchanged for six consecutive months, in an attempt to support the currency rupiah.
Indonesia’s central bank (BI) has decided to hold the benchmark interest rate at 7.5 percent, which has been kept unchanged for six consecutive months, in an attempt to support the domestic currency rupiah (Rp).
Besides, the bank also maintained deposit and credit rates at 5.5 percent and 8 percent, respectively.
Last week, the Rp was traded at 13,970 per dollar, the lowest in the past 17 years, as it was affected by the devaluation of the Chinese yuan a week earlier.
Indonesian Financial Minister Bambang Brodjonegoro said the government and the BI have worked closely to uphold the Rp’s amplitude and its stability as the currency is under pressure from global elements.
The BI also proposed a number of short-term strategies and supporting measures to guard the Rp against volatility, including intensifying cash payment management on the financial market and increasing forex reserves.
The bank also lowered the maximum foreign currency each customer can buy from 100,000 USD to 25,000 USD per month.-VNA
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