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Economy

Bank Indonesia raises interest rates for second time in a month

Extraordinary meeting follows new governor's vow to act 'pre-emptively'

Indonesia's central bank Bank Indonesia is raising interest rates again in a pre-emptive move to stabilize the rupiah.   © Reuters

JAKARTA -- Indonesia's central bank has raised its interest rate for the second time this month as the new governor Perry Warjiyo takes a more pre-emptive approach to the country's falling currency.

Bank Indonesia on Wednesday decided in an extraordinary policy meeting to hike its bench mark seven-day repo rate by 25 basis points to 4.75%, a mere two weeks after the central bank decided in a regular meeting to raise its interest rate for the first time in three and a half years, by 25 basis points to 4.50%.

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