04 Feb '11, 10pm

Jakarta In The News> Indonesia raises interest rate - TODAYonline

JAKARTA - Indonesia's central bank raised its benchmark interest rate by 25 basis points to 6.75 per cent on Friday, citing growing inflationary pressures and surprising many in the market who had expected it to keep borrowing costs at a record low. Eight of 15 economists polled by Reuters earlier had expected no change - even after inflation raced to a 21-month high of 7.02 per cent last month - but all were positive about the move, saying it was about time the central bank started tackling price pressures that have spooked foreign investors. The rate increase was the first for Indonesia in nearly two years, leaving the Philippines as the only large Asian economy to have kept rates unchanged since the end of the global financial crisis. Worries that Bank Indonesia was falling behind the curve in fighting price pressures had sparked a sell-off in Indonesia stocks and bonds...

Full article: http://www.todayonline.com/Business/EDC110205-0000180/Ind...

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