Indonesia central bank to change transaction rules for JIBOR: statement

[JAKARTA] Indonesia's central bank will implement changes in the Jakarta International Offered Rate (JIBOR) transaction rules, including lengthening the rupiah lending period to three months from one month, it said in a statement on Monday.

The changes are being made "to provide more credible market interest rates benchmark, used widely by the people, especially banking (industry)," the statement said.

The central bank will also widen the interbank transaction window time to 20 minutes from 10 minutes and double the maximum transaction allowed to 20 billion rupiah (S$2.01 million) from 10 billion rupiah.

The changes will apply from June 1.

REUTERS