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Jul 3, 2009, 9:30 GMT

Indonesian central bank cuts key rate for eighth straight month

Jakarta - Indonesia's central bank cut its benchmark rate for the eighth straight month Friday in a bid to cut borrowing costs. Bank Indonesia reduced its policy rate by 25 basis points to 6.75 per cent amid an improving economic outlook, the central bank said in a statement. The bank has reduced the rate by a total of 2.75 percentage points since December 2008 in an effort to help bolster the country's economic growth. Bank Indonesia signaled that there was limited room for further cuts, saying that future policy would be directed towards maintaining a balance between efforts to boost the domestic economy and maintaining macroeconomic stability. 'Therefore looking forward, monetary policy will be conducted more cautiously considering that room for monetary easing is limited,' it said. Bank Indonesia forecast the country's economy would grow by 3 to 4 per cent this year. The economy expanded 6.1 per cent in 2008.

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