Four Indonesian state lenders raise USD deposit rates to 4% starting Nov. 5

About this update from Pt Bank Tabungan Negara (persero) Tbk

Four Indonesian state lenders - Bank Mandiri IDX:BMRI, Bank Negara Indonesia IDX:BBNI, Bank Rakyat Indonesia IDX:BBRI and Bank Tabungan Negara (BTN) IDX:BBTN - have raised their U.S. dollar deposit rate to 4%, with tenors of up to one year, they said on Wednesday.The rate changes will take effect on November 5th, the banks said. The announcements came after the government said last week that it was mulling a market-based incentive to encourage the public to put any U.S. dollars they hold into the domestic financial market rather than sending them abroad. Before the changes, the U.S. dollar deposit rates in Bank Rakyat Indonesia was at a range of 1.00% to 2.00% depending on the tenors, while Bank Mandiri offered 0.75% to 1.75% for its USD time deposits."The rate adjustment is a precautionary measure against the potential increase in the flow of funds from abroad into the country," BTN said in a statement. BTN previously offered 0.2% rate for its U.S. dollar deposit for all tenors up to two years.

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