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Economy

Bank Indonesia surprises with sixth rate hike this year

Central bank tightens on widening current-account deficit

Bank Indonesia had increased its key rate by a total of 175 basis points since May.   © Reuters

JAKARTA -- Indonesia's central bank on Thursday announced its sixth rate hike this year amid a widening current-account deficit.

Bank Indonesia after its monthly meeting said it decided to increase its seven-day reverse repo rate 25 basis points to 6%, surprising many analysts. The bank has raised its key rate by a total of 175 basis points since May.

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