June 08 BI Rate set on 8,50%

June 08 BI Rate set on 8,50%

Central Bank had decide (06/05) to raise BI rate moderately on 25 basis point to 8,50% as an anticipation to reduce inflation expectation that estimated will reach 11,5%-12% this year.

Beside, to optimizing control on open market operation and maintain interest rate stability, central bank will change interest rate of one month Bank Indonesia Certificate (SBI) converting into overnight interbank money market per June 9.

BI deputy governor Hartadi Sarwono said central bank observe high inflation expectation caused by global oil fuel and commodities price rise, and one of the anticipation measure is to reduce inflation by raising BI rate about 25 basis point.

Hartadi explain indonesian fundamental economic relatively in good situation. which reflected by 6,3% economic growth on first quarter and credit expansion in April that reach 29%.

Based on that reference, 25 basis point BI rate increase, hoped could reduce next month inflation. But, moderate inflation target will not be reach if the move to raise BI rate not supported by fiscal policy.

Hartadi further mention BI rate increase had considering local banking fundamental, but he feel concerned about the rise of non performing loan ratio.

Bank Danamon Economist Helmi Rahman had forecast bank ability to adapt with BI rate increase in 2008 maximum on 9,5%.

BRI general business director Sudaryanto Sudargo said 25 basis point BI rate increase had no significant impact to BRI credit target.

BI also had decide operational target change from one month SBI interest rate converted into overnight interbank money market interest rate.

BI deputy governor Budi Mulya said operational target change is an effort to reduce indirect impact of  oil fuel and commodities price increase and BI will use optimally all monetary instrument such as BI rate, exchange rate volatility control, absorption of excess liquidity and optimalization of open market operations.

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