BI Holds Reference Interest Rate at 6% in March 2024

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Cindy Mutia Annur 20/03/2024 16:29 WIB

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Bank Indonesia (BI) held its benchmark interest rate, the BI-Rate, steady at 6% in March 2024.

Bank Indonesia (BI) Reference Rate Movement (January 2019 - March 2024)

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Bank Indonesia (BI) Reference Rate Movement (January 2019 - March 2024)

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Bank Indonesia (BI) held its benchmark interest rate, the BI-Rate, steady at 6%. This decision was made during the BI Board of Governors meeting held on March 19-20, 2024.

In line with this decision, the deposit facility interest rate remains at 5.25% and the lending facility interest rate remains at 6.75%.

BI has maintained this interest rate level for six consecutive months since October 2023, as shown in the graph.

According to Erwin Haryono, Head of BI's Communication Department, this decision was made to maintain stability.

"The decision to maintain the BI-Rate is consistent with the focus of monetary policy, namely to strengthen the rupiah's exchange rate stability and ensure that inflation remains controlled," said Erwin in his press release on Wednesday (March 20, 2024).

BI targets inflation for 2024 to be in the range of 2.5% plus or minus 1%.

According to Erwin, macroprudential and payment system policies remain pro-growth to encourage sustainable economic growth.

He stated that macroprudential policies will be loosened to encourage bank lending to businesses and households.

BI is also promoting the acceleration of digitalization of the payment system, including the digitalization of central and regional government financial transactions, to increase transaction volume and expand digital financial inclusion.

"Bank Indonesia continues to strengthen the mix of monetary and macroprudential policies to maintain stability and support economic growth," said Erwin.

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."