Please note that this article was automatically translated using Microsoft Azure AI, Open AI, and Google Translation AI. We cannot ensure that the entire content is translated accurately. If you spot any errors or inconsistencies, contact us atThe Governor's Board of Bank Indonesia provided a press statement in Jakarta on Wednesday . BI decided to maintain the benchmark interest rate at 6.25 percent.domestic.
"Amidst the high uncertainty of the global financial market, the issuance of SRBI supports the inflow of foreign investment into the country," said Perry in a press conference following the BI Governor's Meeting in Jakarta on Wednesday .The Governor's Board of Bank Indonesia provided a press statement in Jakarta on Wednesday . BI decided to maintain the benchmark interest rate at 6.25 percent.
This is also reflected in the increasing foreign ownership of SRBI, from the original Rp 71.55 trillion on April 23, 2024 to Rp 142.90 trillion on May 21, 2024. Thus, Perry continued, the 25 bps increase in BI-Rate in April is deemed sufficient to continue attracting foreign capital inflows, stabilizing the rupiah, and ensuring that inflation remains within the target range of 1.5-3.5 percent. Nevertheless, BI will always reassess the direction of future monetary policies.
This aligns with expectations for a 25 bps cut in The Fed's benchmark interest rate in December 2024. Therefore, BI will have room to follow The Fed's rate cut cycle as early as the first quarter of 2025.BI data shows that the distribution of bank industry credits in April 2024 grew by 13.09 percent annually, or higher than in March 2024, which was 12.4 percent. Along with the credit growth rate, third-party funds also grew by 8.
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