Indonesia cuts interest rate, reserve ratio

Stimulus needed: An Indonesian flag is seen near a construction site in Jakarta, Indonesia. President Joko Widodo is seeking to revive an economy that grew at the slowest pace last year since the end of the global financial crisis in 2009. — Reuters

JAKARTA: Indonesia’s central bank cut its main interest rate for a second consecutive month and lowered the primary reserve-requirement ratio for lenders to help shore up an economy hit by slumping exports.

Governor Agus Martowardojo and his board lowered the reference rate by 25 basis points to 7%, Bank Indonesia said.