Indonesia’s central bank kept its benchmark interest rate unchanged on July 21 saying inflation remains under control, despite most of its regional peers raising rates.

Bank Indonesia left the seven-day reverse repurchase rate at 3.5%, a level maintained since February 2021. It also kept the overnight deposit and lending facility rates at 2.75% and 4.25% respectively.

“The decision is consistent with projections of manageable core inflation despite the risks posed by global economic moderation