Indonesia unexpectedly cuts interest rate after over three years
Bank Indonesia (BI) on Wednesday 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.
Indonesian Rupiah. Photo courtesy of Internet.
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.
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