Indonesia’s central bank seen making this year’s first rate cut

JAKARTA: Indonesia’s central bank is seen trimming its benchmark rate for the first time this year on Thursday, on top of the five rate cuts it has delivered since the start of the coronavirus pandemic, according to a majority of analysts in a Reuters poll.

Bank Indonesia (BI) will cut the seven-day reverse repurchase rate by 25 basis points (bps) to 3.50%, the lowest since the central bank began using the instrument as its main policy rate in 2016,21 of 30 analysts in the poll predicted.Nine others expected BI to stand pat.