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Indonesia central bank unexpectedly lowers rate 25 basis points to 5.50%

Bank Indonesia cut its benchmark interest rate by 25 basis points for the second time in two months, to 5.50% as it seeks to lift economic growth and flagging inflation expectations amid fears of a global recession.

The decision was predicted by just two of 19 economists in a Reuters poll, with the rest expecting no change.

The committee also cut overnight deposit and lending facilities policy rates by 0.25%, to 4.75% and 6.25%, respectively. The bank's governor, Perry Warjiyo, said the cut was consistent with the bank's low inflation expectations.