- Throughout the course of 2019, Bank Indonesia has gradually decreased its reference rate down to 100 basis points. While being broadly supportive of Bank Indonesia’s policy, President Joko Widodo is also encouraging banks to decrease their credit interest rates accordingly.
- General speaking, Indonesia’s banking institutions have reacted positively to the president’s initiative, while the President Director of Bank Rakyat Indonesia, Sunarso,stated recently that the country’s banks were willing to decrease their credit interest rates, although he also asserted that this process was likely to take some time. In addition, Mr. Sunarso claimed that interest rates usually followed market conditions, with the exception of certain rates that are determined by prevailing laws and regulations.
- Following the lead taken by Mr. Sunarso, the President Director of Bank Central Asia, Jahja Satiaatmadja, issued a recent statement outlining his plan to gradually decrease Bank Central Asia’s credit interest rates. However, Mr. Satiaatmadja also claimed that any rate cut should not be associated with simultaneous increase in the total amount of credit being extended to the general public. (ANTARA)
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