JAKARTA, July 22 (Reuters) – Indonesia’s central bank held its key interest rate at a record low on Thursday, keeping monetary policy accommodative to support Southeast Asia’s largest economy as a spike in COVID-19 cases threatens the growth outlook.
Bank Indonesia (BI) kept the benchmark 7-day reverse repurchase rate at 3.50%, where it has been since February, as expected by all 31 economists in a Reuters poll.
The bank also kept its overnight deposit and lending facility rates at 2.75% and 4.25%, respectively.
BI has cut interest rates by a total of 150 basis points and injected over $57 billion of liquidity into the financial system during the coronavirus pandemic. (Reporting by Gayatri Suroyo, Fransiska Nangoy and Tabita Diela; Editing by Ana Nicolaci da Costa)