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Indonesia central bank raises rates for 2nd straight meeting

Indonesia central bank raises rates for 2nd straight meeting

A woman walks behind a logo of Indonesia's central bank, Bank Indonesia, in Jakarta, November 17, 2016. REUTERS/Beawiharta

JAKARTA: Indonesia's central bank increased interest rates by more than expected on Thursday (Sep 22) as it sought to keep a lid on inflation after the government raised fuel prices earlier this month.

Bank Indonesia (BI) raised the 7-day reverse repurchase rate by 50 basis points to 4.25 per cent. Out of 30 economists polled by Reuters, 27 had expected a 25 basis point move, while the remaining three had bet on a bigger 50 basis point rate hike.

The bank also hiked the overnight deposit facility and lending facility rates by the same amount to 3.50 per cent and 5.00 per cent, respectively.

Source: Reuters/st

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