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Global Uncertainty Persists, Bank Indonesia Holds Reference Interest Rate in June 2023

Adi Ahdiat 22/06/2023 19:30 WIB

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Bank Indonesia (BI) maintained its benchmark interest rate, the 7-Day Reverse Repo Rate (BI7DRR), at 5.75% in June 2023, partly to mitigate the spillover effects of global financial market uncertainty

Movement of the BI 7-Day Reverse Repo Rate (January 2018 - June 2023)

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Movement of the BI 7-Day Reverse Repo Rate (January 2018 - June 2023)

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Bank Indonesia (BI) maintained its benchmark interest rate, the BI 7-Day Reverse Repo Rate (BI7DRR), at 5.75% in June 2023.

The Deposit Facility interest rate remained at 5.00%, and the Lending Facility interest rate at 6.50%.

"The decision to maintain the BI7DRR at 5.75% is consistent with the monetary policy stance to ensure inflation remains under control within the target range of 3.0±1% for the remainder of 2023," BI stated in its press release on Thursday (22/6/2023).

"The policy focus is directed towards strengthening rupiah stability to control imported inflation and mitigate the spillover effects of global financial market uncertainty," it continued.

According to BI, global economic uncertainty has increased again, with a tendency towards slower growth risks and higher monetary interest rate policies in developed countries.

BI projects global economic growth this year to reach 2.7% (year-on-year/yoy), with risks of slowdown, particularly in the United States (US) and China.

"In the US, inflationary pressures remain high, mainly due to tight labor market conditions, amidst relatively good economic conditions and easing financial system stability (FSS) pressures, thus prompting the possibility of future Federal Funds Rate (FFR) increases," said BI.

"Monetary policy remains tight in Europe, while it remains loose in Japan. Meanwhile, economic growth in China is not as strong as projected amid low inflation, thus prompting monetary policy easing. Economic recovery in other developing countries, such as India, remains strong, driven by domestic demand and service exports."

"Economic conditions in developed and developing countries have led to the US dollar tending to weaken against developed country currencies but strengthening against developing country currencies. These developments require a strengthened policy response to mitigate spillover risks to external resilience in developing countries, including Indonesia," said BI.

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."

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Global Uncertainty Persists, Bank Indonesia Holds Reference Interest Rate in June 2023

Global Uncertainty Persists, Bank Indonesia Holds Reference Interest Rate in June 2023

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