Jakarta, CNBC Indonesia – The Board of Governors of Bank Indonesia (BI) has again maintained its benchmark interest rate. Now the Bank Indonesia (BI) 7-Day Reverse Repo rate (BI-7DRR) is still perched at the level of 3.5%
“The Board of Governors meeting in July 2022 decided to maintain the (BI) 7-Day Reverse Repo rate (BI-7DRR) at the level of 3.5%,” said BI Governor Perry Warjiyo in a press conference, Thursday (21/7/2022)
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Meanwhile, the Deposit Facility interest rate is 2.75%, and the Lending Facility interest rate is 4.25%.
BI’s policy this month also indicates that there has been no change in the benchmark interest rate since the last 18 months.
The market consensus compiled by CNBC Indonesia is equally divided between those who expect an increase and those who maintain the benchmark interest rate.
Of the 14 institutions involved in forming the consensus, seven project that BI will raise the benchmark interest rate by 25 bps to 3.75% this month. Meanwhile, seven others estimate that BI will maintain the BI 7-DRR at 3.5%.
These two views seem to represent the current global situation where there are some central banks who choose to be very aggressive in raising interest rates while others keep interest rates low.
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Reasons for BI to Hold Interest Rates at 3.5% Despite World Shocks
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