Bank Indonesia raises interest rates to highest level in 7 years

Bank Indonesia (BI) on April 24 raised interest rates to their highest level in seven years.

Wednesday, April 24, 2024 21:06

Bank Indonesia raises interest rates to highest level in 7 years ảnh 1

Illustrative image (Photo: AFP)

Hanoi (VNA) – Bank Indonesia (BI) on April 24 raised interest rates to their highest level in seven years.

Economistspredicted the central bank to hold the seven-day reverse repurchase rate at 6% butit instead raised 25 basis points to 6.25%, a level not seen since 2016.

Speakingat a press conference the same day, Bank Indonesia Governor Perry Warjiyo said the interest rate increase is to strengthen the rupiah's exchange ratestability against the possibility of worsening global risks.

Perrysaid the move was a pre-emptive and forward-looking step to ensure inflation remainswithin the bank's 1.5-3.5% target range. It is currently at 3.05%.

Economistssaid if the rupiah continued to slide, Bank Indonesia would likely tightenfurther./.

VNA

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