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interest rates

Indonesia C.Bank Delivers Successive 50 bp Hike to Curb Inflation, Support Rupiah

interest rates
Bank Indonesia's logo is seen at Bank Indonesia headquarters in Jakarta, Indonesia, September 2, 2020. REUTERS/Ajeng Dinar Ulfiana

KONTAN.CO.ID - JAKARTA. Indonesia's central bank raised its policy rates by 50 basis points for the second month in a row on Thursday, as it sought to curb rising inflation, while trying to slow capital outflows that have weighed on the rupiah.

While core inflation was "under control", BI decided to act preemptively to curb lofty inflation expectations, bring core inflation back to target sooner and to support the rupiah, Governor Perry Warjiyo told a news conference.

Bank Indonesia (BI) hiked the benchmark 7-day reverse repurchase rate to 4.75%, in line with the expectations of 17 out of the 30 economists polled by Reuters, with the rest forecasting a smaller 25 bp hike.

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