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Central bank cuts rate by 50 basis point to 8.75% JAKARTA - The Indonesian central bank Wednesday slashed its benchmark interest rate by 50 basis points to 8.75 percent following the good outlook of inflation to spur growth, according to a statement by the bank. The 50 basis point cut is in line with the recent demand from the government and business sector, as the country has decided to rely much on the huge domestic market following the fall of demand of its products in overseas.

The recession has trimmed demand and slumped prices of Indonesia's export products, including textile coal, palm oil, rubber and fabricated goods. On Dec. 4, the Indonesian central bank unexpectedly reduced the rate by 25 basis points to 9.25 percent, the first cut in a year. Improving inflation outlook in recent months has given more room for the central bank to further cut rates, particularly in the first quarter of this year before the country holds legislative and presidential election in April and July respectively.

An economic analyst from Bank International Indonesia (BII), Juniman, said the 50 basis point cuts indicated that the central bank aimed to focus on growth. "There will be more cuts in the coming months until April, as the inflation seems to ease," he told. Indonesia's inflation rate rose 11.06 percent in December from a year earlier following the twice oil prices cuts by the government last month.



Posted in Economy @ 08 January 2009 03:12 CET by Jeroen · 'Blog' RSS feed · permalink






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