VIVAnews - The BI Rate cut in January 2009 is viewed as insufficient in impacting the business world. The interest rate is still considered high and the central bank is being requested to cut the BI Rate.
Head of Indonesian Young Entrepreneurs Association (HIPMI) Erwin Aksa said on Tuesday, Feb. 3, that Bank Indonesia (BI) should cut its interest rate by 50 basis points to 8.25 percent as against the current level of 8.75 percent.
"For the time being, handling banks have yet to cut their interest rates because they are still after the depositors. As a result, the margin is still too high, around 10 percent, because banks set interest rate by 18.5 percent," said Aksa.
Handling banks should have set credit rate by 15 percent for national private banks and 11-13 percent for state-owned banks. "The current situation however shows that interest rate is still high because banks are still offering high fixed deposit interest rates to attract depositors," he said.
If the BI Rate can be cut by 50 basis points, Aksa evaluated it will be of some relief for entrepreneurs. "For the time being, interest rates for businesses, house loans and car leasing is still high. We are hoping that BI monitors banks that are still after depositors," he said.
Translated by: Bonardo Maulana Wahono
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