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Indonesia posts 7.87 pct loan growth in 2016

Xinhua, February 3, 2017 Adjust font size:

Indonesia's financial service authority (OJK) has recorded that banking loan growth reached 7.87 percent last year on yearly basis, chairman of the authority said here on Friday.

Chairman of OJK Muliaman Hadad said banking credit in form of rupiah grew 9.15 percent and 0.92 percent for loan in foreign currencies.

The loan growth last year was lower than the authority's projection made in January of 9 to 12 percent.

For this year, the chairman was upbeat over higher loan growth.

Indonesian central bank applied the longest easing cycle last year by cutting 150 basis points its benchmark interest rate to help spur banking credit.

The lender has forecast banking credit will grow 10 to 12 percent this year as the economy is projected to accelerate at a faster pace.

The Southeast Asia's largest economy is expected to expand 5.1 percent in 2016.

The central bank expects the country's GDP growth at the range of 5.1 to 5.4 percent this year. Endit