Bank Indonesia Holds Interest Rate Steady at 6% in January 2024

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Cindy Mutia Annur 17/01/2024 16:47 WIB

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Bank Indonesia (BI) held steady its benchmark interest rate, or BI-Rate, at 6% during its Board of Governors' Meeting (RDG) on January 16-17, 2024.

Movement of the BI 7-Day Reverse Repo Rate (January 2019-January 2024)

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Movement of the BI 7-Day Reverse Repo Rate (January 2019-January 2024)

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Bank Indonesia (BI) held its benchmark interest rate, or BI-Rate, steady at 6% during its Board of Governors' Meeting (RDG) on January 16-17, 2024. The central bank has consistently maintained this interest rate for four consecutive months since October 2023.

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's Head of Communication Department, Erwin Haryono, stated that the decision to maintain the BI-Rate at 6% is consistent with the pro-stability focus of monetary policy. This aims to strengthen the rupiah's exchange rate and employs pre-emptive and forward-looking measures to ensure inflation remains within the target of 2.5% plus/minus 1% in 2024.

Meanwhile, Erwin continued, macroprudential and payment system policies remain pro-growth to support sustainable economic growth. A loose macroprudential policy continues to be implemented to encourage bank credit/financing to businesses and households.

"The acceleration of digitalization in the payment system, including the digitalization of central and regional government financial transactions, is also being continuously driven to increase transaction volume and expand digital financial inclusion," said Erwin, as quoted from a press release on Wednesday, January 17, 2024.

Trend-wise, BI consistently raised interest rates from August to December 2022, reaching 5.5%. Then, the central bank raised the BI-Rate to 5.75% in January 2023 and held it for nine consecutive months.

Subsequently, BI raised the benchmark interest rate by 25 basis points (bps) to 6% in October 2023, as shown in the graph above.

Editor : Padjar Iswara

"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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Bank Indonesia Holds Interest Rate Steady at 6% in January 2024

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