medcom.id, Jakarta: Bank Indonesia (BI) is ready to adopt BI 7-Day Repo rate as its new benchmark rate. The policy will be applied at the board of governors meeting on August 19.
BI Governor Agus Martowardojo mentioned that the central bank has explained the policy to bankers and investors.
"On August 19, we will not use BI rate, We will use BI 7-Day Repo rate," Agus said at his office, Jakarta, Monday (8/15/2016).
"We believe monetary transmission will be more effective," he continued.
However, Agus didn't want to reveal whether they will cut BI 7-Day Repo rate at the policy meeting this month. Currently, it is at 5.25 percent.
"We will have board of governors meeting in the near future. We will observe the latest macroeconomic conditions," he concluded.
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