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Indonesia c.bank holds rates amid growing COVID-19 crisis

JAKARTA, July 22 (Reuters) - Indonesia’s central bank held its key interest rate at a record low on Thursday, keeping monetary policy accommodative to support Southeast Asia’s largest economy as a spike in COVID-19 cases threatens the growth outlook.

Bank Indonesia (BI) kept the benchmark 7-day reverse repurchase rate at 3.50%, where it has been since February, as expected by all 31 economists in a Reuters poll.

The bank also kept its overnight deposit and lending facility rates at 2.75% and 4.25%, respectively.

BI has cut interest rates by a total of 150 basis points and injected over $57 billion of liquidity into the financial system during the coronavirus pandemic. (Reporting by Gayatri Suroyo, Fransiska Nangoy and Tabita Diela; Editing by Ana Nicolaci da Costa)

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