The agreement was reached during a meeting facilitated by Bank Indonesia today.
15 top Indonesian banks agreed to reduce the interest rate of third-party fund as an adjustment to the central bank benchmark interest rate.
The agreement was reached during a meeting facilitated by Bank Indonesia on Thursday, August 20.
"The adjustment is expected to be concluded in three months," said Head of the Indonesian Banker Association Agus Martowardojo.
Earlier, Senior Deputy Governor of Bank Indonesia Darmin Nasution said Bank Indonesia (BI) must prepare immediate measures if the common processes and mechanisms do not apply. This is in line with the slow cut in banks' interest rates.
BI will team up with Finance Minister and State-owned enterprises to discuss about the response in interest rate cut.
He said there are indeed various proposals to regulate fixed deposit interest rate. However, BI has yet to implement its authority.
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