Indonesia cenbank says no outright RRR cut as it expands loan incentive scheme
JAKARTA - Bank Indonesia is not looking at an across-the-board cut in the reserve requirement ratio for banks even as it expands a scheme offering relief for lending to certain sectors to support economic growth, a deputy governor said on Monday.From June 1, lending to sectors such as automotive, trade, electricity, gas, and water utilities qualify for the incentives for relief from the 9% RRR rate.
"We will continue to monitor banks' liquidity levels, credit growth and the direction of interest rate , because this is a policy mix," Juda told reporters. BI officials have said its policy mix of pairing high interest rates with the liquidity incentive is intended to help weather global financial market volatility, which has weakened the rupiah, without hurting domestic growth too much. For more than a year, the central bank has allowed banks to hold a lower level of reserves for lending to certain sectors, such as property and natural resources processing, and it flagged the expansion of the incentive scheme earlier this year.
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