Indonesia to use new policy benchmark
Starting Aug 19, the 7-day reverse repurchase rate will be the benchmark policy rate
Jakarta
INDONESIA'S central bank announced it will use the seven-day reverse repurchase rate as its benchmark policy rate, starting Aug 19, in a bid to better guide market rates. The new policy would mean Bank Indonesia sells securities with an agreement to buy them back within a seven-day period.
Bank Indonesia (BI) governor Agus Martowardojo said on Friday that the change will help deepen the country's inter-bank market and guide the money market rates from overnight to 12-month tenure.
"This strengthening of the monetary operation does not change our current policy stance," Mr Martoward…
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