Meanwhile, the deposit facility interest rate has been kept unchanged at 2.75 percent, and the lending facility interest rate is at 4.25 percent.
"This decision is in line with the need to maintain exchange rate stability and inflation control, and as efforts to keep encouraging economic growth amid the increasing external pressures mainly related to Russian-Ukrainian geopolitical tensions," BI Governor Perry Warjiyo remarked here on Thursday.
He said his team has also continued to optimize the policy mix strategy to maintain stability and support economic recovery through various actions.
The measures taken have included strengthening the rupiah exchange rate policy to maintain its stability in line with market mechanisms and economic fundamentals, he informed.
They also include implementing the transparency policy of the Prime Lending Rate (SBDK) by deepening the development of its components granularly, he added.
Other measures include ensuring the adequacy of money needs, distribution, and cash services in welcoming the month of Ramadan and Eid al-Fitr 2022, he said.
Bank Indonesia will also encourage the readiness of Payment Service Providers (PJP), especially the PJP first mover, in implementing the National Standard Open API Payment (SNAP) to support interlinks between banking and financial technology, Warjiyo highlighted.
"We will also bolster international policy by expanding cooperation with other central banks and partner country authorities, facilitating the promotion of investment and trade, and together with the Finance Ministry to succeed the six priority agendas of the Indonesian G20's Financial Track," he said.
BI is also continuing to strengthen policy synergy with the Financial System Stability Committee (KSSK) to control inflation, preserve monetary and financial system stability, and increase credit/financing to businesses in the priority sectors.
Related news: BI keeps benchmark rate unchanged at 3.5%
Related news: BI holds benchmark interest rate at 3.5%
Translator: Agatha V, Kenzu T
Editor: Suharto
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