Indonesia's central bank cuts rates as economy tanks; 1,226 Covid-19 cases and 56 deaths reported

JAKARTA (AFP): Indonesia central bank has cut interest rates for the third time this year and scaled back its growth projections as the global pandemic batters South-East Asia's biggest economy.

Policymakers at Bank indonesia reduced the key lending rate by 25 basis points to 4.25 percent, while lowering their full-year economic growth forecast to between 0.9-1.9 per cent, from a previous 2.3 per cent.

Central bank governor Perry Warjiyo signalled there was"still room" to cut rates further in the coming months, but added that he expected growth to rebound next year. indonesia has announced a stimulus package worth some US$48 billion to help offset the impact of coronavirus, which forced a wide-scale shutdown that hammered growth, including in the key tourism sector.

According to him, 534 more people have been discharged from hospitals, bringing the total number of recovered patients to 17,883.

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