Reference Interest Rises, BTN Makes Sure To Adjust Credit and Savings Interest

BTN performance presentation. (Photo: Doc. Antara)

JAKARTA - PT Bank Tabungan Negara (Persero) Tbk is preparing to adjust the company's interest rate in line with the trend of increasing the benchmark interest rate of Bank Indonesia (BI) or the BI 7-Day Reverse Repo Rate in the last three months.

BTN President Director, Haru Koesmahargyo, said the increase in BI's benchmark interest rate was a natural dynamic in the banking world in response to global and domestic economic conditions.

"Of course, we see that the BI rate is one component, there is still another component, namely liquidity. And the third is competition. So if all three have appeared together, we will adjust it. We will increase our deposit interest rate, that's for sure", Haru said in the Public Expose of Bank BTN's Financial Performance as of September 30, 2022, quoted by Antara, Thursday, October 27.

The increase in deposit interest rates, Haru continued, will of course also be followed by an increase in the company's loan interest rates.

Citing the official BTN website, the basic loan interest rate (SBDK) as of September 30, 2022, for corporate loans reached 8 percent, retail loans 8.25 percent, consumer loans namely 7.25 percent mortgages, and 8.75 percent for non-mortgages.

"Maybe if we look at the SBDK BTN it is still the same. Yesterday we gave a lot of discounts for mortgages in the context of independence, BTN anniversary, and others, so we are adjusting now maybe we shorten the discount period to balance the high mortgage interest costs but also balance with a request from the credit side", Haru said.