BI Boss Says Money Market Interest Rate Continues Stable

Governor of Bank Indonesia (BI) Perry Warjiyo. Photo: Doc. Antara

JAKARTA - Bank Indonesia (BI) said that monetary policy transmission was going well. Bank Indonesia (BI) Governor Perry Warjiyo said the money market interest rate (INDONIA) will continue to move in the BI-Rate range, which is 6.09 percent on June 19, 2024.

The SRBI interest rates for tenors 6, 9, and 12 months on June 14, 2024, were recorded to be attractive at the level of 7.16 percent, 7.28 percent, and 7.35 percent, thus supporting the effectiveness of SRBI as a pro-market instrument in maintaining the stability of the Rupiah exchange rate.

Meanwhile, Perry said that the banking interest rate was maintained, influenced by adequate banking liquidity in line with Bank Indonesia's policy mix and the impact of the SBDK transparency policy which maintained the efficiency of banking interest rates.

"The interest rates for deposits for 1 month and credit interest rates in May 2024 were recorded at 4.61 percent and 9.26 percent, respectively, relatively stable compared to the previous month's developments," he explained at a press conference, Thursday, June 20.

Meanwhile, Perry said that the yields from SBN tenors 2 and 10 years as of June 19, 2024 were recorded at 6.70 percent and 7.13 percent relatively increased, especially at a tenor of 10 years, of 22 bps compared to the end of May 2024 in line with the yield of the US Treasury and the premium global financial market risk which was still high.