JAKARTA - Governor of Bank Indonesia (BI) Perry Warjiyo gave a strong signal to national economic players, especially in the financial services sector, regarding the policy of setting the benchmark interest rate in 2022.
In a webinar on the Jakarta Economic Outlook 2022, Perry said that it is very likely that the BI rate increase will occur in the second half.
"The fastest BI rate increase will occur in the third quarter of 2022," he said on Friday, December 24.
According to Perry, the main indicator that becomes the central bank's reference in updating interest rates is the movement of domestic inflation.
“We will continue to pay attention to inflation developments, especially core inflation. If inflation essentially rises, the interest rate will adjust," he said.
As previously reported, the monetary authority closed the year by maintaining the benchmark interest rate at 3.50 percent. This amount is the lowest level in BI's history as well as an action to stimulate the economy in a pandemic.
Bank Indonesia itself has maintained this interest rate for a long time, to be precise since last year after making gradual cuts of 150 basis points in six declines.
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