Bank Indonesia (BI) cut its 7-day reverse repurchase rate by 25 basis points to 4.00%, the lowest since at least 2016 when it adopted the rate as its benchmark, as expected by a slim majority of respondents in a Reuters poll.
JAKARTA: Indonesia's central bank cut interest rates on Thursday for the fourth time this year, stepping up efforts to shore up Southeast Asia's largest economy amid the coronavirus pandemic after recently agreeing to buy more government bonds.
Governor Perry Warjiyo said the economy likely shrank 4% in the second quarter from a year earlier, its first contraction since 1999, but added activity began improving in June as anti-virus measures were relaxed.
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