- As the result of Bank Indonesia ("BI") Board of Governors meeting on 21 October 2021, Mr. Perry Warjiyo now announced that BI shall maintain the benchmark interest rate or BI 7-Day Reverse Repo Rate at 3.5%, as well as maintaining the deposit facility and lending facility rates at 2.75% and 4.25%, respectively. This decision is taken to maintain the stability of exchange rates and the financial system.
- Aside from the abovementioned, BI shall implement several policies to further maintain macroeconomic stability and promote economic recovery, which include: 1) Continue the rupiah exchange rate policy; 2) Strengthening the monetary operations strategy; 3) Continue the accommodative macro-prudential policy; 4) Continue the easing down payment provision on credit/motor vehicle financing to at least zero percent for all types of new motorized vehicles; 5) Continue the Basic Credit Interest Rate (SBDK) transparency policy; 6) Determine the first phase implementation of BI-FAST, which starts on second week of December 2021; 7) Extend the validity period of credit card policies; 8) Accelerate the implementation for the use of Local Currency Settlement in facilitating trade and investment with partner countries; and 9) Expand the support to government in facilitating the promotion of investment and trade with partner countries. (ANT)
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