Not Just Indonesia, These Countries Held Interest Rates in July 2022
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Bank Indonesia (BI) decided to hold its benchmark interest rate at 3.5% in July 2022.
BI has not raised its interest rate since February 2021. The rate is being held steady because BI assesses that Indonesia's core inflation remains under control amidst the risk of a global recession.
Indonesia's core inflation in June 2022 was recorded at 2.63% (yoy), although headline inflation reached 4.35% (yoy) in the same month.
BI is not the only central bank maintaining its interest rate this month.
Argentina's central bank also maintained its interest rate at 52% in July 2022. However, Argentina had previously raised its interest rate from 47% to 52% in June 2022 to curb inflation.
Turkey maintained its interest rate at 14% from the beginning of the year until July 2022.
China, Japan, and Ukraine also maintained their interest rates this month at varying levels, as shown in the graph.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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