Deposit Interest Rates Continue to Rise in Q4 2022 as BI Rate is Pursued

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Adi Ahdiat 24/01/2023 19:10 WIB

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In November 2022, the 12-month deposit interest rate at commercial banks reached 4.36%, an increase of 84 basis points (bps) compared to the end of the second quarter of 2022.

Bank Indonesia's Reference Interest Rate and General Bank Deposit Interest Rates (January 2019 - November 2022)

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Deposit Interest Rates Continue to Rise in Q4 2022 as BI Rate is Pursued

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Bank Indonesia's Reference Interest Rate and General Bank Deposit Interest Rates (January 2019 - November 2022)

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Bank Indonesia (BI) has been raising its benchmark interest rate, the BI 7-Days Reverse Repo Rate (BI7DRR), since August 2022 to curb national inflation.

Consequently, deposit interest rates have also increased. Previously, the 12-month deposit interest rate at commercial banks had consistently declined since mid-2019. However, starting in August 2022, the trend of deposit interest rates began to rise again, following the central bank's interest rate hikes.

By November 2022, the 12-month deposit interest rate at commercial banks had reached 4.36%, an increase of 84 basis points (bps) compared to the position at the end of Q2 2022.

BI also continued to raise its benchmark interest rate, reaching 5.75% in January 2023. However, the central bank has not yet released data on deposit interest rate developments at the beginning of this year.

BI stated that the condition of the national banking sector is generally still strong.

"Banking capitalization remains strong, with the Capital Adequacy Ratio (CAR) in November 2022 remaining high at 25.45%," BI said in its press release on Thursday (19/1/2023).

"Along with strong capitalization, credit risk remains controlled, reflected in the Non-Performing Loan (NPL) ratio in November 2022, which was recorded at 2.65% (gross) and 0.75% (net)," BI said.

"Banking liquidity in December 2022 remained maintained, supported by the growth of Third Party Funds (TPF) of 9.01% (year-on-year/yoy). Bank Indonesia's stress test simulation shows that banking resilience remains intact," it concluded.

Editor : Adi Ahdiat

"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."