JAKARTA — Indonesia’s central bank cut its benchmark interest rate to its lowest in two years, as it steps up efforts to support an economy decimated by the coronavirus pandemic.
Bank Indonesia lowered its seven-day reverse repo rate by 25 basis points to 4.25% on Tuesday, its third rate cut this year. Nineteen of 30 analysts surveyed by Reuters had expected the move.
The easing comes after Southeast Asia’s biggest economy grew at its slowest pace in 19 years in the first quarter, and social restrictions have weighed down on business, leading to millions of job losses.
While the country