Wednesday, 18 Zulhijjah 1442 / 28 July 2021

Wednesday, 18 Zulhijjah 1442 / 28 July 2021

BI maintains reference rate at 7.75 percent

Kamis 11 Dec 2014 20:05 WIB

Red: Yeyen Rostiyani

A man passes in front of Bank Indonesia's building in Jakarta. (file)

A man passes in front of Bank Indonesia's building in Jakarta. (file)

Foto: Prayogi/Republika

REPUBLIKA.CO.ID, JAKARTA -- Bank Indonesia's (BI) board of governors decided to keep its reference rate at 7.75 percent, while the Lending Facility and Deposit Facility rates were maintained at 8.0 percent and 5.75 percent, respectively, on Thursday.

"The rates will still ensure that the short-term inflationary pressures caused by the government's recent decision to raise the price of subsidized oils remain under control and temporary to keep inflation rate between 3 and 5 percent in 2015," Director of the Communications Department of BI, Peter Jacobs, said.

He added that the policy was also in line with the bank's stabilization measures to control the current account deficit and bring it to a healthier level.

"Bank Indonesia continues to strengthen the combination of its policies to ensure a stable macro economy and financial system," Jacobs explained.

The communications director of the central bank further noted that a tight monetary policy was still being continued to control inflation and current account deficit, while its accommodative macro-prudential policy being was maintained to ensure that the monetary tightening measures did not pose risks to the stability of the financial system.

Jacobs also pointed out that the current payment system policy was aimed at supporting the distribution of the government's social program and extending the non-cash national campaign. Moreover, policy coordination between BI and the government will continue to be intensified to maintain macro-economic stability.

"Coordination is being done especially to control the inflationary pressures of the recent reallocation of fuel subsidy and current account deficit and to accelerate the implementation of the structural reform policy to boost sustainable economic growth," he stated.

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