BI Slashes Key Rate to All-Time Low

By Editorial Team 19/02/2021
economic downturn
Summary

Bank Indonesia (BI) decided to cut the BI 7-day reverse repo rate (BI7DRR) by 25 basis points (bps) to 3.5 percent in its February Board of Governors Meeting (RDG), the lowest in history.

"This decision is consistent with the estimated low inflation and maintained the stability of the rupiah exchange rate and further measures to boost the national economic recovery momentum," BI Governor Perry Warjiyo said on Thursday (2/18).

BI also revised its economic growth projection in 2021 to 4.3-5.3 percent, lower than BI's initial estimates of 4.8 to 5.8 percent, as the economic growth in the fourth quarter of 2020 was lower than the Central Bank expectations.

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