Indonesia cuts key rate to two-year low as COVID-19 hits economy

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.