Indonesia to target overnight rate

The Bank of Indonesia is looking to enhance its liquidity provision by targeting an overnight interbank rate close to its benchmark rate.

Thomson Financial, a news service, reported that Hartadi Sarwono, a deputy governor at the central bank, said over the weekend that he plans to make the overnight rate, the cost at which money market participants borrow, more stable by ensuring it was aligned more closely with the benchmark BI rate.

"In the past, the overnight rate was very volatile,"

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