JAKARTA – The increase in savings interest rate in November 2022 is projected to continue as the BI-7 Day Reverse Repo Rate (BI7DRRR) rises. It is estimated to gradually increase after its slow performance seen from the beginning of this year until June 2022.
As quoted from Monthly Liquidity Report of November 2022 today (22/11), the increased savings interest rate will be entailed by the increase in foreign exchange (forex) interest rate due to a higher offshore interest rate. However, the adjustment of interest rate will still consider the bank’s liquidity and the proportion between the savings and credit interest so that the net interest margin (NIM) could be maintained.
In October 2022, the savings interest rate tended to rise as the BI7DRRR grew. The average of rupiah deposit interest rates (22-day moving average) across banks reportedly increased 17 basis points (bps) to 3.31%. The maximum interest rate was also seen rising 27 bps to 3.99%, while the minimum interest rate climbed 8 bps to 2.64%.
The forex savings interest rate also followed this increasing trend as the offshore interest rate shifted upward. Its maximum interest rate increased 23 bps to 1.17%, while the average minimum interest rate of foreign banks was seen growing 10 bps and 16 bps to 0.55% and 0.86%. (LK/ZH)