Highlights of BI’s Board of Governors Meeting in October
BI’s Board of Governors Meeting on Monday and Tuesday, September 22nd and 23rd, 2018 decided to hold BI 7-day reverse repo rate unchanged at 5.75%, deposit facility at 5%, lending facility at 6.5%. Of note, BI has increased BI 7-day reverse repo rate by 150 bps since May 2018.
Projection of Lower Global Economic Growth
The projection of lower global economic growth than the prior estimate, coupled with much higher global financial market volatility are factors underlines BI’s stance of maintaining BI 7-day reverse repo rate unchanged. Massive rate hikes amid lower global economic growth inevitably result in domestic business backdrop to reign in a negative territory.
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