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Economy

Bank Indonesia lowers key rate for fourth time this year

Government and central bank adopt 'whatever it takes' stance on COVID-19

Bank Indonesia headquarters in Jakarta. The central bank has its benchmark rate by a full percentage point this year.   © Reuters

JAKARTA -- Indonesia's central bank lowered its benchmark interest rate for the fourth time this year, as it strives to support the country's faltering economy amid the coronavirus pandemic.

Bank Indonesia's latest cut on Thursday took the seven-day reverse repo rate to 4% from the previous 4.25%. That is the lowest since at least 2016, when the central bank began using the rate as its benchmark. The central bank has reduced the rate by a full percentage point this year.

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