Bank Indonesia's Interest Rate Hike to 6% is Relatively High in Southeast Asia

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Adi Ahdiat 20/10/2023 12:10 WIB

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Bank Indonesia (BI) raised its benchmark interest rate, the BI7DRR, to 6% in October 2023. This makes it the fourth-highest central bank interest rate in Southeast Asia.

Central Bank Interest Rates of 10 Southeast Asian Countries (October 2023)*

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Bank Indonesia's Interest Rate Hike to 6% is Relatively High in Southeast Asia

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Central Bank Interest Rates of 10 Southeast Asian Countries (October 2023)*

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Bank Indonesia (BI) raised its benchmark interest rate, the BI 7-Day Reverse Repo Rate (BI7DRR), to 6% in October 2023.

Concurrently, the deposit facility rate increased to 5.25%, and the lending facility rate rose to 6.75%.

"This interest rate hike aims to strengthen the policy of stabilizing the Rupiah's exchange rate against the impact of increasing global uncertainty," BI stated in its press release on Thursday, October 19, 2023.

With the BI7DRR at 6%, BI's benchmark interest rate is the fourth highest in Southeast Asia.

According to Trading Economics data, as of Friday, October 20, 2023, only the Philippines, Myanmar, and Laos among neighboring countries have higher central bank interest rates, ranging from 6.25% to 7.5%.

Other Southeast Asian countries, namely Brunei Darussalam, Vietnam, Singapore, Malaysia, Thailand, and Cambodia, have lower interest rates, as shown in the graph. Data for Timor Leste is unavailable.

Meanwhile, in its October 2023 World Economic Outlook (WEO) report, the International Monetary Fund (IMF) projects fairly bright economic growth for Southeast Asian countries in the next year.

Of the 11 ASEAN member countries, 8 are predicted to experience stronger economic growth in 2024, while 3 are expected to see stable growth.

Countries projected to experience stronger growth in 2024 are Cambodia, the Philippines, Vietnam, Malaysia, Thailand, Timor Leste, Singapore, and Brunei Darussalam.

Countries whose growth is forecast to remain stable are Indonesia, Laos, and Myanmar.

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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Bank Indonesia's Interest Rate Hike to 6% is Relatively High in Southeast Asia

Bank Indonesia's Interest Rate Hike to 6% is Relatively High in Southeast Asia

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Bank Indonesia's Interest Rate Hike to 6% is Relatively High in Southeast Asia

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