ASEAN KEY DESTINATIONS
Indonesia cuts key rate
Bank Indonesia (BI) finally cut its benchmark interest rate by 0.25 point to 6.5 percent on Tuesday; after maintaining the rate at 6.75 percent since February.
BI Governor Darmin Nasution said that the central bank had decided on the cut given the slowing growth of developing economies, citing average inflation rates of between 4.5 and 4.6 percent in those economies.
“The 6.75 percent BI rate was too high; we needed to correct it,” Darmin said during a press conference announcing the rate cut in Jakarta on Tuesday.
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