To Anticipate the Impact of the Coronavirus, BI Cuts Reference Interest Rate by 0.25%

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Dwi Hadya Jayani 21/02/2020 17:07 WIB

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Bank Indonesia lowered its benchmark interest rate to anticipate the impact of the coronavirus.

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To Anticipate the Impact of the Coronavirus, BI Cuts Reference Interest Rate by 0.25%

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Bank Indonesia (BI) has decided to lower its benchmark interest rate, or the *BI-7Day Reverse Repo Rate* (BI7DRR), by 25 bps to 4.75%. In addition, the *Deposit Facility* interest rate was also lowered by 25 bps to 4%, and the *Lending Facility* interest rate to 5.5%. This decision aims to safeguard the domestic economy amidst global economic uncertainty, particularly the spread of the coronavirus, now known as Covid-19.

Previously, global uncertainty had decreased somewhat due to the Phase One trade agreement between the United States and China. Covid-19 has impacted the slowing Chinese economy, which could suppress global growth, especially in the first quarter of 2020.

BI projects economic growth in 2020 to be around 5-5.4%, lower than the previous projection of 5.1-5.5%. Covid-19 is a key factor behind BI's revision, as it impacts tourism, trade, and investment.

Editor : Aria W. Yudhistira

"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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To Anticipate the Impact of the Coronavirus, BI Cuts Reference Interest Rate by 0.25%

To Anticipate the Impact of the Coronavirus, BI Cuts Reference Interest Rate by 0.25%

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To Anticipate the Impact of the Coronavirus, BI Cuts Reference Interest Rate by 0.25%

To Anticipate the Impact of the Coronavirus, BI Cuts Reference Interest Rate by 0.25%

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