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Kadin calls on banks to cut rates to boost real sector.
from THE JAKARTA POST -- TUESDAY, MARCH 10, 2009 -- PAGE 13 The Indonesian Chamber of Commerce and Industry (Kadin) has again called on banks to cut their lending rate, saying reluctance to do so would mean the latter does not support the real sector.
"If banks don't want to cut their lending rates, they don't support the real sector. It will be useless if the central bank (BI) rate cut doesn't make banks [follow suit]," Kadin chairman M.S. Hidayat said on Saturday.
Hidayat referred to the BI benchmark rate cut of 50 basis points to 7.75 percent last week, its lowest in five years, to cushion the impacts of the economic downturn.
Hidayat also said …
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