16-July-2024
Economy News
 
Bank Indonesia to Hold Rates at 6.25% on July 17, Wait for U.S. Fed to Cut: Reuters Poll
15-Jul-2024

Bank Indonesia (BI) will keep its key interest rate at 6.25% on Wednesday but will cut it by 25 basis points next quarter, earlier than previously expected following the likely start of policy easing by the U.S. Federal Reserve in September, a Reuters poll found. While inflation has stayed within BI's 1.5%-3.5% target range since July 2023, a weak rupiah - down around 4.5% this year - has pressured the central bank to maintain higher rates for longer as currency stability is its main mandate. All 35 economists in the July 8-12 poll expected the central bank to hold its benchmark seven-day reverse repurchase rate at 6.25% at the conclusion of its two-day meeting on July 17.

News Source:- https://money.usnews.com/investing/news/articles/2024-07-14/bank-indonesia-to-hold-rates-at-6-25-on-july-17-wait-for-u-s-fed-to-cut-reuters-poll