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Friday July 3, 3:04 PM
Indonesia cuts key rate by 25 basis pointsIndonesia's central bank has cut its benchmark interest rate by 25 basis points to 6.75 percent in a bid to stimulate the economy as inflationary pressures ease.
The cut was expected after the annual inflation rate dropped to 3.65 percent from 6.04 percent in May.
Bank Indonesia said the economy would grow 3.0 to 4.0 percent this year, compared with 6.1 percent in 2008.
Annual core inflation, which excludes food items and government-set prices, eased to 5.56 percent from 6.64 percent in May.
Bank Indonesia has cut its policy rate by 275 basis points since December.
Indonesia is one of the best performing economies in the G20 thanks to robust domestic demand.
-- Dow Jones Newswires contributed to this story --
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