Bank Indonesia cut key interest rate to 7.75 Percent
Today Bank Indonesia (BI) announced another rate cut of 50 basis points to 7.75%. Analysts had expected this fourth rate cut since December 2008, when the key interest rates were at 9.5%
In a statement Bank Indonesia raised concerns that the economic slump was taking a steeper turn and developing countries were being hit by a fall in exports and negative market sentiment. Bank Indonesia assured that the banking system is in a stable condition and international reserves stand at USD 50.56 Billion.
