Kemenperin Please Banking Follow BI's Steps To Lower Credit Interest Rates, This Is The Goal

Illustration (Photo: Doc Antara)

Spokesperson for the Ministry of Industry (Kemenperin) Febri Hendri Antoni Arif said that the Ministry of Industry is waiting for banking steps to follow Bank Indonesia (BI) in lowering the benchmark interest rate (BI Rate).

It is known, BI decided to lower the benchmark interest rate or BI Rate by 25 basis points to 6 percent at the September 2024 Board of Governors' Meeting (RDG).

With a decrease in deposit facility interest rate to 5.25 percent and lending facility interest rate to 6.75 percent.

He hopes that banks will immediately transmit the policy to credit interest rates installed by each bank.

"We are still in a position waiting for action from banks, whether to follow Bank Indonesia's policy of lowering interest rates or not. Of course we hope that banks can also lower interest rates," Febri said in the September 2024 release agenda at the Ministry of Industry Building, Jakarta, written Tuesday, October 1.

This is because the banking step to lower credit interest rates plays an important role in encouraging industrial business loans which will later be used as production costs as well as for investment.

Thus, the transmission of lending rates is expected to encourage people's purchasing power as well.

"This is expected to encourage the public to also encourage credit interest, especially bank credit interest," he said.

Previously, the Secretary General of the Ministry of Industry, Eko Cahyanto, was confident that the industrial climate would remain stable until the end of the year amid the reduction in the benchmark interest rate of Bank Indonesia (BI) or BI Rate.

According to Eko, this reduction in benchmark interest rates can create a good industrial climate in the country.

"We are optimistic that we can help the industrial business climate better because this is done globally," he said when met by the media in South Tangerang, Thursday, September 26.