Updated Wednesday, May 6, 2009 10:41 am TWN, AFP

Indonesia cuts interest rate by 25 basis points

JAKARTA -- Indonesia's central bank cut its benchmark interest rate by 0.25 percentage points to 7.25 percent Tuesday, to mitigate the impact of the global downturn on Southeast Asia's largest economy.

“Inflation for this year is expected to be close to the lower end of the five to seven percent range,” Bank Indonesia said on its website.

Annual inflation rate eased to 7.31 percent in April from 7.92 percent in March. Bank Indonesia said that although the inflow of foreign investments had returned to emerging markets, such as Indonesia, it predicted that growth in the global economy would still contract.

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