Indonesia's central bank surprises with rate cut
Bank Indonesia (BI) trimmed the benchmark 7-day reverse repurchase rate (IDCBRR=ECI), opens new tab by 25 basis points to 5.00%, its fifth rate cut since September taking the rate to its lowest level since late 2022.
Only five of 29 economists polled by Reuters had expected a cut on Wednesday. The rest expected rates to be held steady.
The overnight deposit (IDCBID=ECI), opens new tab and lending (IDCBIL=ECI), opens new tab rates were also cut by the same amount to 4.25% and 5.75%, respectively.
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