November 21, 2019 / 8:03 AM / 20 days ago

Indonesia c.bank RRR cut to boost bank liquidity by 26 trln rupiah

JAKARTA, Nov 21 (Reuters) - A move by Indonesia’s central bank to cut the reserve requirement ratio (RRR) for banks by 50 basis points will provide the banking system with an extra 26 trillion rupiah ($1.84 billion) of liquidity, Bank Indonesia’s governor said on Thursday.

The primary reserve requirement ratio for conventional banks will be cut to 5.50%, while the ratio for Islamic banks will be 4% when the move takes effect on Jan. 2, 2020, Bank Indonesia Governor Perry Warjiyo said, after announcing its key interest rate was kept at 5.00% at Thursday’s policy meeting.

$1 = 14,110.0000 rupiah Reporting by Maikel Jefriando and Nilufar Rizki; Writing by Gayatri Suroyo; Editing by Jacqueline Wong

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