Indonesia's central bank cuts rates as economy tanks

JAKARTA (AFP): Indonesia's central bank on Thursday (June 18) cut interest rates for the third time this year and scaled back its growth projections as the global pandemic batters Southeast Asia's biggest economy.

Policymakers at Bank Indonesia reduced the key lending rate by 25 basis points to 4.25 per cent, while lowering their full-year economic growth forecast to between 0.9-1.9 per cent, from a previous 2.3 per cent.