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Economy

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

Southeast Asia's biggest economy is projected to contract this quarter

Bank Indonesia lowered its seven-day reverse repo rate by 25 basis points to 4.25% on Tuesday, its third rate cut this year.   © Reuters

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.

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