JAKARTA: Indonesia cut interest rates for the first time in nearly two years on Thursday as Southeast Asia's largest economy seeks to boost growth.
Bank Indonesia trimmed the key lending rate 25 basis points to 5.75 per cent, a decision made ahead of an anticipated rate cut by the US Federal Reserve later this month."The policy was taken as we estimate inflation will remain low and we need to maintain the momentum for economic growth," Bank Indonesia governor Perry Warjiyo said.
BI also lowered its deposit and lending facilities rates by 25 basis points to 6.5 per cent and 5 percent respectively. Indonesia's economy grew 5.07 per cent in the first quarter from a year earlier, amid softening prices for key commodities - including palm oil and coal - and an ongoing trade war between the US and China.Warjiyo said although global uncertainty was improving, the bank was ready for prolonged tensions between Beijing and Washington.
Source: Financial Digest (financialdigest.net)
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