Indonesia unexpectedly cuts interest rate after over three years
Bank Indonesia (BI) on September 18 unexpectedly cut its benchmark interest rate for the first time in over three years, as the rupiah strengthened and ahead of the anticipated US interest rate cuts.
Hanoi (VNA)꧂ – Bank Indonesia (BI) on September 18 unexpectedly cut its benchmark interest rate for the first time in over three years, as the rupiah strengthened and ahead of the anticipated US interest rate cuts.
BI Governor Perry Warjiyo said this move aligns with the low inflation forecast for 2024 and 2025, which remains within the target range of 2.5%. The policy also aims to support the strengthening of the rupiah and boost national economic growth.
Looking ahead, BI will continue to monitor the potential for further rate cuts, considering the stable and appreciating rupiah, low inflation, and the need to drive higher economic growth, Warjiyo said at a press conference.
Senior Asia Economist at Capital Economics Gareth Leather forecast that further rate cuts are likely later this year.
A World Bank report in June said Southeast Asia's largest economy is expected to experience stable growth over the next two years, driven by domestic consumption and investment, despite weak exports./.
The Bank Indonesia (BI) announced at its meeting on April 18 it will keep its benchmark interest rates unchanged for a third straight time, predicting headline inflation would be back within its target sooner.
Indonesia's central bank raised its benchmark interest rate by 50 basis point on October 20 in a bid to curb rising inflation and reduce pressure on the local currency.
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