Bank Indonesia Hikes Rates Further

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Indonesia’s central bank raised interest rates by 50 basis points on Thursday, which was the second rate hike in a row.

The Board of Governors hiked the seven-day reverse repo rate by 50 basis points to 4.25 percent, the Bank Indonesia said.

The deposit facility rate was raised to 3.50 percent and the lending rate to 5.00 percent.

The move was in line with economists’ expectations.

The previous change in the interest rates was a quarter-point hike in August, which was first raise since 2018.

The central bank expects the economic growth to remain within 4.5-5.3 percent this year, with a bias towards the upper end.

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