Board of Governors of Bank Indonesia decided on Tuesday to maintain its benchmark interest rate at 5.75 percent, said an official.
The benchmark seven-day reverse repurchase rate was kept at 5.75 percent, which has stayed unchanged since January this year. The deposit facility interest rate and the lending facility interest rate were also kept at 5.00 percent, and 6.50 percent respectively.
The decision to maintain the benchmark interest rate is consistent with the monetary policy stance to ensure that inflation remains under control within the target range of 3.0 plus or minus 1 percent in the remainder of 2023 and 2.5 plus or minus 1 percent in 2024, said Bank Indonesia Governor Perry Warjiyo in a press conference.
According to him, the policy focus was aimed at stabilizing the Indonesian rupiah in order to control imported inflation and mitigate the impact of uncertainty in the global financial markets.