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Indonesia central bank to further ease reserve requirement rule

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Indonesia central bank to further ease reserve requirement rule

Bank Indonesia is looking to further loosen a rule on reserve requirements for banks in 2018, Reuters reported, citing Mirza Adityaswara, deputy governor of the central bank.

The report came after the central bank in April revised reserve requirement rules, requiring banks to keep a minimum 5% of their total deposits at the central bank every day. Prior to that, banks were required to keep a minimum of 6.5% of total deposits at the central bank every day. The rules, which took effect in July, also require banks to maintain at least a 6.5% average of total deposits for a period of two weeks.

Adityaswara said the central bank will further enlarge the 1.5% point of flexibility in managing daily reserves.