Home Interest rate BI keeps interest rate low amid virus wave – Sat July 24,...

BI keeps interest rate low amid virus wave – Sat July 24, 2021

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Norman Harsono (The Jakarta Post)

PREMIUM

Jakarta ●
Sat, July 24, 2021

The Bank of Indonesia (BI) on Thursday decided to keep its benchmark seven-day reverse repo rate (7DRRR) at an all-time high of 3.5% to ensure financial stability amid the outbreak of the variant. Coronavirus delta is forcing investors to divert development funds to developed countries.

Following its two-day policy meeting, BI also kept the rates on the deposit and loan facilities unchanged at 2.75% and 4.25%, respectively.

“This decision aligns with the need to maintain the exchange rate and financial system stability due to uncertainty in global financial markets amid expected low inflation and efforts to support economic recovery from COVID -19, “BI Governor Perry Warjiyo said in a statement on Thursday.

BI wrote in the statement that investors ditched risky assets in a “flight to quality” after the Delta variant outbreak …

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