Jakarta: Bank Indonesia (BI) today announced its decision to raise its BI 7-Day Reverse Repo Rate (BI7DRR) by 25 basis points (bps) to 5.50%.
BI also decided to raise its Deposit Facility Rate and Lending Facility Rate by 25 bps to 5.50% and 4.75%, respectively.
The announcement was made following a Board of Governors' Meeting that was held in Jakarta on December 21-22, 2022.
"(The interest rates are raised) to ensure the continued decline in inflation and inflation expectations so that core inflation is maintained within the range of 3.0 ± 1%," BI stated.
"The Rupiah exchange rate stabilization policy continues to be strengthened to control imported inflation," the central bank stated.
In 2023, BI stated, monetary policy will continue to focus on maintaining stability ("pro-stability"), while macroprudential policies, digitalization of the payment system, deepening of the money market, as well as inclusive and green economic and financial programs will continue to be designed to encourage growth (“pro-growth”).
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