BI offers more support for rupiah with off-cycle rate hike
Bank plans measures to attract foreign investors to its debt as currency performs worse than expected
Indonesia’s central bank announced an off-cycle rate hike today (June 9) in a further attempt to prop up the rupiah, which has been weak since last year and faced further downward pressure since the outbreak of the Iran war.
Bank Indonesia spokesperson Ramdan Denny Prakoso said its board of governors had increased the lending rate by 25 basis points to 5.5% at its weekly meeting, according to a statement. He said that since the board’s last scheduled rate decision on May 20, when it hiked rates
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