Bank Indonesia Raises Benchmark Interest Rate to 6.25% Following Official Election of Prabowo-Gibran

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Jakarta – Shortly after the General Election Commission (KPU) officially declared Prabowo-Gibran as the President and Vice President-Elect, Bank Indonesia made a surprising announcement. As known, the General Election Commission (KPU) declared Prabowo Subianto – Gibran Rakabuming Raka as the President and Vice President-Elect for the 2024-2029 period on Wednesday, April 24, 2024, in the afternoon. “The KPU has declared presidential and vice presidential candidate number 2, Mr. Prabowo Subianto and Mr. Gibran Rakabuming Raka, as the elected presidential and vice presidential candidates for the 2024 – 2029 period,” said Chairman of the General Election Commission (KPU) Hasyim Asy’ari during a plenary session on Wednesday (24/4/2024). The declaration of Prabowo-Gibran came after the Constitutional Court (MK) rejected all claims of election disputes submitted by the Anies Baswedan-Muhaimin Iskandar (Cak Imin) and Ganjar Pranowo-Mahdud MD camps.

Shortly after Prabowo-Gibran was declared as the President and Vice President-Elect, Bank Indonesia made an announcement that stirred up social media. Indeed, BI officially raised the benchmark interest rate or BI Rate by 25 basis points to 6.25%.

This increase marks the first time since the last hike in October 2023, by 25 basis points to 6%. On social media, the increase in the benchmark interest rate has become an interesting topic of discussion. Many netizens responded negatively, but there were also quite a few who provided positive comments.