JAKARTA - Indonesia Deposit Insurance Corporation (IDIC) through its Board of Commissioners' Meeting (RDK) on Monday, March 23, 2020, has decided to lower the deposit insurance rate for Rupiah in Commercial Banks and Rupiah in BPRs by 25 bps and maintained the deposit insurance rate for foreign currency in Commercial banks.
Therefore, IDIC’s deposit insurance rate for Rupiah at Commercial Banks is 5.75% and Foreign Currency at Commercial Banks is 1.75%. As for the Rupiah in BPR at 8.25%. The deposit insurance rate is valid from March 26, 2020 to May 29, 2020.
The deposit insurance rate reduction policy is based on the latest developments in deposit interest rates, banking liquidity conditions, economic conditions and financial system stability.
IDIC is open to making adjustments to the deposit insurance rate policy by considering the response of banks to the cutting of monetary policy interest, the dynamics of various economic factors, and the stability of the financial system that has the potential to affect banking liquidity. (LM)