Banks Start Adjusting Deposit Rates in Response to Rate Cut

Two major banks, namely BCA and BRI, are adjusting their deposit rates following Bank Indonesia’s rate cut. Meanwhile, others are holding back on adjustments in favor of waiting for further developments.

Bisnis, JAKARTA — PT Bank Central Asia (BCA) and PT Bank Rakyat Indonesia (BRI) are adjusting the interest rates for their term deposits following Bank Indonesia's (BI) long-awaited rate cut last month. BI's rate cut in turn followed the U.S. Federal Reserve's (The Fed) rate cut of 50 basis points, bringing the Fed Fund Rate to a range of 4.75–5 percent. 

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