JAKARTA: Indonesia's central bank kept interest rates steady on Thursday, holding fire after cutting five times this year and launching quantitative easing, but its governor prodded banks to cut lending rates faster to support the pandemic-hit economy. Bank Indonesia (BI) held the 7-day reverse repurchase rate at 3.75%, a record low for the benchmark BI adopted in 2016. Eighteen of 22 analysts polled by Reuters had forecast steady rates after BI cut them last month. "Ample liquidity as well as reduction of the benchmark rate have contributed to the lowering of savings and lending rates ... However, BI views the reduction in banks' interest rates to be slow," Governor Perry Warjiyo told a virtual briefing. BI data showed commercial bank lending contracted 1.39% in November, the weakest since at least 2002, according to Refinitiv. Warjiyo said BI would work with other regulators to tackle issues holding back lending. Southeast Asia's largest economy has suffered its first recession in over two decades as the pandemic hit consumption, business activity and jobs in the country with the highest COVID-19 caseload in the region. Warjiyo said unrolling a vaccination programme and sticking to virus health protocols were a prerequisite for further economic recovery. He maintained an outlook of 4.8%-5.8% GDP growth in 2021, compared with 1%-2% contraction this year. Bank Indonesia has cut interest rates by a total of 125 bps this year to cushion the economy, as well injected 694.9 trillion rupiah ($49.34 billion) liquidity, with over half in the form of direct purchase of government bonds. Capital Economics said in a note further easing was likely next year due to the shaky economic outlook and with the failure to contain the coronavirus outbreak. "The timing and size of future rate cuts will be determined by the performance of the rupiah," it said in a note. The rupiah, which has been stable in recent weeks, was barely moved after the rate announcement, while the main stock index erased earlier gains. - Reuters
Us apple developer accounts for sale
buyappleacc.com is a reputed website selling apple developer account, providing us, China and worldwide developer individual accounts for sale. It's at low price and good quality. Always provides satisfying services!