Maintaining Stability, BI Holds Reference Interest Rate in February 2024

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Cindy Mutia Annur 21/02/2024 16:19 WIB

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Bank Indonesia held its benchmark interest rate, the BI Rate, steady at 6% in February 2024.

Movement of the BI-Rate Reference Interest Rate (January 2019-February 2024)

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Movement of the BI-Rate Reference Interest Rate (January 2019-February 2024)

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

The deposit facility interest rate remained at 5.25%, and the lending facility interest rate remained at 6.75%.

BI has maintained these interest rates for five consecutive months since October 2023, as shown in the chart above.

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

"The decision to maintain the BI-Rate is consistent with the focus of monetary policy, namely to strengthen the stability of the rupiah exchange rate and ensure that inflation remains controlled," Erwin said in a press release on Wednesday (21/2/2024).

Meanwhile, macroprudential policy is directed towards promoting sustainable economic growth.

"A loose macroprudential policy continues to be pursued to encourage bank credit or financing to businesses and households," said Erwin.

He also mentioned that BI will continue to encourage the acceleration of the digital payment system, including the digitalization of government finance, to strengthen transactions and expand digital economic and financial inclusion.

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."