The central bank lifted its key interest rate by 25 basis points to 5.75 percent, bringing the total increase to 1 percentage point over the past month.
A man walks past the Bank Indonesia (BI) headquarters in Jakarta on Sept. 2, 2024. (Reuters/Ajeng Dinar Ulfiana)
Bank Indonesia on Thursday hiked interest rates for the third time in four weeks as the country looks to bolster its currency, which has taken a battering from surging energy costs caused by the Middle East war.It has been Asia's worst-performing currency, according to financial outlet Bloomberg News, shedding around seven percent.
BI lifted its key interest rate by 25 basis points to 5.75 percent, bringing the total increase to 1 percentage point over the past month.
The move came after it announced a surprise 50-basis-point hike on May 20 -- the first in two years -- and another of 25 points on Tuesday last week.
