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Bank Indonesia cuts interest rate ceiling for credit card transactions

Bank Indonesia slashed the upper limit for the credit card interest rate that banks can charge customers as part of efforts to encourage electronic transactions, Reuters reported Dec. 14, citing regulation posted on the central bank's website.

The central bank said that from June 2017, card providers can charge an interest rate of up to 2.25% per month, down from the current ceiling of 2.95% per month.