Indonesia to cap interest rates on credit cardsBank Indonesia (BI) plans to set the maximum interest rate on credit cards to 2.24 per cent per month from the prevailing limit of 2.95 per cent. "To encourage consumption, BI will cap the maximum interest rate on credit cards to around 2.2 per cent per month, or 26.95 per cent per year," BI Deputy Governor Ronald Waas said on Saturday. The number of credit cards in Indonesia continues to grow, reaching 16 million in 2015. "Last week, foreigners bought 733.4 million ringgit after they offloaded 565.9 million ringgit the week prior amid a three-day trading week. Foreigners' participation rate remained relatively strong last week at 921.36 million ringgit, albeit lower than the 1,214.63 million ringgit recorded the week before," it said in its weekly report.

Source: The Nation Bangkok September 26, 2016 10:41 UTC