RTTNews - Wednesday, Indonesia's central bank lowered its key interest rate for the seventh consecutive month to a new record low. Elsewhere, Bank of Japan's policy board member Hidetoshi Kamezaki said the central bank should implement policies proactively and swiftly depending on changes in economic conditions.
The Bank Indonesia cut its benchmark rate by 25 basis points to an all-time low of 7% in June. The rate cut came in line with expectations. This is the lowest level since July 2005, when the measure was first introduced. In May, the central bank had slashed its benchmark rate by a quarter point to 7.25%.
BoJ rate-setter Kamezaki told business leaders in Shizuoka that the economy was going down a steep hill. He said the worlds' second largest economy would gradually recover towards the latter half of the current fiscal year.
In other news, inflation in the United Arab Emirates eased to 1.9% in April from 4.5% in March, the Ministry of Economy said in its first monthly report.
Saudi Arabia's business confidence fell to 88.3 in the second quarter from 89.2 in the first quarter, a report from the Saudi British Bank showed.
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