BI cuts SBI to 8.76%

BI cuts SBI to 8.76%

JAKARTA: The yield on the country's one-month central bank promissory notes SBI fell to 8.76 percent at the latest weekly auction on Wednesday from last week's 8.83 percent, Bank Indonesia said.

With the decline, the yield has fallen 423 basis points since the end of last year.

The central bank sold Rp 25 trillion (US2.97 billion) of the bills, accepting 81 percent of the bids.

The central bank is aiming for lower interest rate to help spur the economy, which the government expects to expand by 4 percent this year and 5 percent next year. -- Bloomberg