SBI rate slightly higher

SBI rate slightly higher

JAKARTA: The weighted average interest rate on one-month Sertifikat Bank Indonesia notes was slightly higher at the weekly auction Wednesday, the central bank said.

The one-month SBI notes stood at 13.07 percent, up slightly from 13.04 percent at last week's auction, Bank Indonesia said.

Bank Indonesia also said it accepted Rp 12.49 trillion (US$1.3 billion) in bids at the auction, or 94.7 percent of total bids.

Indonesia has been cutting rates this year to boost growth. The one-month SBI stood at almost 18 percent in the third quarter of last year.

But rates have stabilized recently amid fears further large declines could spur inflation. Consumers are already spending more due to easier credit, without an accompanying rise in investment. -- Dow Jones