Banking: BI Rate held steady at 6.75%
Bank Indonesia (BI) agreed to hold the BI Rate at 6.75% during its 20-21 April meeting, and maintained deposit and lending rates at 4.75% and 7.25% respectively. The BI Rate is equivalent to the 12-month monetary operations instrument. In line with the plan to reformulate its policy rate, as announced on 15 Apr 16, BI also maintained the BI 7-Day (reverse) repo rate at 5.5%.