RDK LPS Decides To Hold The Savings Guarantee Interest Rate At Level 4.25 Percent

Chairman of the LPS Board of Commissioners Purbaya Yudhi Sadives. (Photo: Doc. Antara)

JAKARTA - The Board of Commissioners of the Deposit Insurance Corporation (LPS) decided to maintain the Interest Rate of Rupiah deposits at Commercial Banks and BPRs, as well as foreign exchange deposits at Commercial Banks.

LPS maintains Rupiah deposits in commercial banks and BPRs of 4.25 percent each at commercial banks and 6.75 percent at the People's Economy Bank (BPR). And, for TBP foreign exchange deposits (foreign currency) at commercial banks of 2.25 percent.

"Furthermore, the TBP will apply for the period for the period 1 October 2023 to 31 January 2024," said Chairman of the LPS Board of Commissioners Purbaya Yudhi Sadive.

He explained that this decision was taken to maintain the momentum of economic recovery and support the performance of banking intermediation, provide advanced space for banks in the management of liquidity and deposit interest rates; and maintain cross-authority policy synergies to create financial system stability.

Purbaya also appealed to banks to transparently convey to store customers about the current amount of Guarantee Interest Rate.

"Among other things, by placing this information in places where customers are easily known and through the information media and bank communication channels to customers," he said.

He further explained that since the period of determining the regular TBP for the last May 2023 period, LPS has been continuously monitoring liquidity conditions and the movement of banking deposit market interest rates.

"Observation of the development of the Interest Rate of the Deposit Market (SBP), shows that gradual banking is still in the adjustment stage and responds to monetary policy steps taken by the central bank, both Bank Indonesia and the main global central bank," concluded Purbaya.