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Indonesia C.Bank Delivers 6th Rate Cut Since Pandemic Start

JAKARTA, Feb 18 (Reuters) - Indonesia’s central bank lowered its key policy rates on Thursday, the sixth time it has cuts rates since the COVID-19 pandemic started, to help lift Southeast Asia’s largest economy out of recession.

Bank Indonesia (BI) cut the benchmark 7-day reverse repurchase rate by 25 basis points (bps) to 3.5%, the lowest since it began using the instrument as its benchmark in 2016. The move was forecast by a majority of 30 analysts in a Reuters poll.

The central bank also cut the overnight deposit facility and lending facility rates by the same amount, to 2.75% and 4.25%, respectively.

(Reporting by Gayatri Suroyo, Fransiska Nangoy and Tabita Diela; Editing by Ana Nicolaci da Costa and Christian Schmollinger)

Source: Reuters

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