medcom.id, Jakarta: Bank Indonesia (BI) is going to announce new monetary policy instrument today (4/15/2016). BI's benchmark interest rate (BI rate) reportedly will be replaced by 7 day reverse repo rate.
The press conference is scheduled to be held by the central bank this afternoon.
BI Senior Deputy Governor Mirza Adityaswara previously confirmed that the instrument will be announced on Friday. However, he refused to explain the new instrument in detail.
The information about the new instrument has been circulated among economists and bankers since early this week.
Reverse repo is the selling of government debt securities (Surat utang Negara/SUN) by BI to banks with an agreement to buy them back within a certain period.
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