BI surprises with quarter-point cut

Bank Indonesia surprised markets on Thursday with a 25-basis-point cut in its bank rate that boosted local markets.

The move which lowers rates to 9.25% was the first reduction since December 2007 and broke the pattern of six successive hikes in 2008 from 8% to 9.5%

Jakarta's stock exchange closed 1% up on Thursday as the central bank acknowledged that the effects of the financial crisis and reduced forecasts for in global growth were "becoming visible in the Indonesian economy."

Falling oil and

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