Indonesia's central bank raised its benchmark interest rate by 50 basis point on October 20 in a bid to curb rising inflation and reduce pressure on the local currency.
Perry Warjiyo, Governor of Bank Indonesia. (Photo: www.centralbanking.com)
Jakarta (VNA) - Indonesia's central bank raised its benchmark interest rate by 50 basis point on October 20 in a bid to curb rising inflation and reduce pressure on the local currency.
According to Governor Perry Warjiyo, the decision aims at bringing core inflation back within a range of 2% to 4% earlier than previously targeted - in the first half rather than the third quarter of next year.
The move was also intended to ensure that the rupiah reflects its fundamental value against a strong United Stat🔯es dollar.
The decision to increase the interest rate is a front-loaded, pre-emptive and forward-looking measure to reduce inflation expectations which are currently too high, he said in a news conference.
The move follows a 50 basis point increase in September. It marks the first time Bank Indonesia (BI) has raised rates by 50 basis points twice in a row since it adopted the seven-day reverse repo rate as its benchmark in 2016.
BI has implemen🔯ted a monetary tightening policy later than central banks of other countries due to stable inflation and unchanged energy prices thanks to subsidies fro🐬m Government since August. However, in early September, the Indonesian government increased fuel price subsidies, pushing inflation to a seven-year high of 5.95% in September./.
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Perry Warjiyo, Governor of Bank Indonesia. (Photo: www.centralbanking.com) 
