Jakarta: The Deposit Insurance Corporation has cut its deposit insurance rates for rupiah-dominated savings of people's credit banks (BPR) and commercial banks by 25 basis points.
"The Board of Commissioners' Meeting has decided to lower its deposit insurance rates for rupiah-dominated savings of BPR and commercial banks by 25 basis points," Head of Board of Commissioner of LPS Halim Alamsyah told a press conference here on Friday, January 24, 2020.
"In the meantime, the deposite insurance rate for savings of foreign banks is unchanged," he added.
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As a result, the deposit insurance rate for rupiah savings of commercial banks was cut to 6.00 percent. In the meantimw, the deposit insurance rate for rupiah savings of BPR was lowered to 8.5 percent. The decision will be effective from January 25, 2020 until May 29, 2020.
A day earlier, the Board of Governors of Bank Indonesia (BI) agreed to maintain the BI 7-Day Reverse Repo Rate at 5.00 percent after holding a Board of Governors' Meeting on January 22-23, 2020.
"While also maintaining the Deposit Facility (DF) and Lending Facility (LF) rates at 4.25 percent and 5.75 percent," BI Governor Perry Warjiyo told a press conference here on Thursday, January 23, 2020.
According to him, monetary policy remains accommodative and is consistent with controlled inflation in the target corridor, maintained external stability as well as efforts to sustain domestic economic growth momentum. Meanwhile, BI will continue to orient monetary operations towards maintaining adequate liquidity and supporting the transmission of an accommodative policy mix. In addition, BI will maintain accommodative macroprudential policy to stimulate economic financing in line with the suboptimal financial cycle, while also paying due consideration to prudential principles.