• Saturday, 20 July 2024

Bank Indonesia’s Interest Rate Rises To 6.25 Percent, BI Optimistic Rupiah Will Strengthen For Rest Of The Year

Bank Indonesia’s Interest Rate Rises To 6.25 Percent, BI Optimistic Rupiah Will Strengthen For Rest Of The Year
Bank Indonesia’s Interest Rate Rises To 6.25 Percent. (centralbanking.com)

SEAToday.com, Jakarta-To respond to the potentially longer than expected current fed rate and global uncertainties, Bank Indonesia increased its rate to 5.25 percent. To keep the rupiah strong and maintain inflation, Bank Indonesia also increase the deposit facility to 5.5 percent and the lending facility to 7 percent.

The US dollar index reached a high of 106.3 on April 16, marking a 4.8 percent strengthening since the end of 2023. This led to other currencies weakening including the Indonesian rupiah which breached below 16,000 to the lowest level in four years.

“We optimist that the rupiah will be stable at 16,200 during Q2, strengthen averagely at 16,000 in Q3, and then strengthen averagely at 15,800 in Q4 in 2024, through the actions prepared by Bank Indonesia,” said Perry Warjiyo, Bank Indonesia Governor.

Additionally, Bank Indonesia will strengthen its policy and optimize its monetary components, including intervention in the foreign exchange market buying government bonds from secondary markets, and managing liquidity adequately to stabilize the rupiah exchange rate in the future.

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