Indonesia hikes interest rates by 50 basis points

by Anadolu Agency

ISTANBUL 

Indonesia’s central bank increased its benchmark interest rate by 50 basis points on Thursday.

Bank Indonesia raised the seven-day reverse repo rate to 4.25%, the deposit facility interest rate by 50 basis points to 3.5%, and the lending facility interest rate by 50 basis points to 5%.

The decision is part of efforts to bring down inflation to 3% by the second half of next year, as well as strengthen the Indonesian rupiah, the bank said.

Indonesia’s annual inflation rate was 4.69% in September and 4.94% in August.​​​​​​​

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