Indonesia С.Bank Delivers Sixth Rate Cut Since Start of Pandemic

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JAKARTA, Feb 18 Reuters Indonesias central bank lowered its key policy rates on Thursday, the sixth time it has cuts rates since the COVID19 pandemic started, to help lift Southeast Asias largest economy out of recession.

Bank Indonesia BI cut the benchmark 7day reverse repurchase rate by 25 basis points bps to 3.5, the lowest since it began using the instrument as its benchmark in 2016. The move was forecast by a majority of 30 analysts in a Reuters poll.

The central bank also cut the overnight deposit facility and lending facility rates by the same amount, to 2.75 and 4.25, respectively.

Reporting by Gayatri Suroyo, Fransiska Nangoy and Tabita Diela; Editing by Ana Nicolaci da Costa and Christian Schmollinger

Source Reuters

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