印度尼西亚银行于周五反驳了市场上一些人对其最新政策组合令人困惑的批评，称这些举措旨在改善其决策向更广泛经济传导的效果。
Bank Indonesia on Friday pushed back against criticism by some in the market that its latest policy package was confusing, saying the measures were aimed at improving how its decisions flow through to the broader economy.
本周，该中央银行维持基准利率不变，上调隔夜存款便利利率，宣布下调银行存款准备金率（RRR），并提供更多外汇对冲优惠，这一政策组合被一些经济学家描述为“令人困惑”、“让人摸不头脑”或“复杂”。
The central bank this week kept its benchmark interest rate unchanged, raised the overnight deposit facility rate, announced cuts to banks' reserve requirement ratio (RRR) and offered more FX hedging discounts, in a policy mix that some economists described as "perplexing", "confusing" or "complex".
印尼央行经济与货币政策主管菲尔曼·穆赫塔尔在记者会上表示：“这是印尼央行将政策利率与货币操作战略进行协调和同步的战略。”
"This is BI's strategy to harmonise and synchronise our policy rate with our monetary operations strategy," Firman Mochtar, BI's head of economic and monetary policy, told a press conference.
菲尔曼表示，更高的存款便利利率恢复了对称的利率走廊，使存款和贷款便利利率较基准利率均保持在75个基点。
Firman said the higher deposit facility rate restored a symmetrical interest-rate corridor, bringing both the deposit and lending facility rates to 75 basis points from the benchmark rate.
他说，由于政府在商业银行存放资金，印尼央行此前在基准利率和存款利率之间维持了更宽的100个基点差距。
BI had previously maintained a wider 100-basis-point gap between the benchmark and deposit rates because of government fund placements in commercial banks, he said.
他指的是政府将印尼央行的多余现金转移到国有银行以增加银行流动性的争议性决定。随着财政部领导层的更迭，其中部分资金已被提取。
He was referring to the government's controversial decision to move excess cash from BI to state-controlled banks to increase banking liquidity. Following a change in leadership at the finance ministry, some of the funds have been withdrawn.
菲尔曼表示，展望未来，将政策利率走廊与印尼央行的货币目标进行协调会更好。
Going forward, it would be better to harmonise the policy rate corridor with BI's monetary targets, Firman said.
他补充说，走廊的调整与央行计划中的存款准备金率下调是一致的。他说，印尼央行已就这些变化向市场参与者做了通报。
He added that the corridor adjustment was consistent with the central bank's planned reserve-requirement cuts. BI has briefed market participants on the changes, he said.
该中央银行计划到12月将存款准备金率累计下调200个基点。然而，其流动性激励计划的变化意味着有效存款准备金率将降至约2%，比先前的水平低大约100个基点。
The central bank plans to cut reserve requirements by a cumulative 200 basis points by December. However, changes to its liquidity incentive scheme mean the effective reserve ratio will fall to about 2%, roughly 100 basis points below its previous level.
菲尔曼说：“额外的流动性并不是巨量的。我们已经计算过，这与印尼央行利率和经济活动是一致的”，他估计流动性将增加90万亿印尼盾（约合49.8亿美元）。
"The additional liquidity is not massive. We have calculated and it's consistent with the BI rate and economic activities," Firman said, estimating an increase of 90 trillion rupiah ($4.98 billion) in liquidity.
印尼央行货币管理主管欧文·古纳万·胡塔佩亚表示，央行还希望银行青睐期限较短的工具，而不是将多余资金停放在被称为SRBI的印尼盾证券中。
Erwin Gunawan Hutapea, BI's head of monetary management, said the central bank also wants banks to favour shorter-dated instruments over parking excess funds in its rupiah securities, known as SRBI.
印尼央行此前曾提高SRBI的利率以吸引外资流入。然而，欧文表示，印尼央行已将未偿还SRBI的规模从7月的1096万亿印尼盾降至目前的950万亿印尼盾以下。
BI had previously raised interest rates on SRBI to attract foreign capital inflows. However, Erwin said BI has reduced the level of outstanding SRBI from 1,096 trillion rupiah in July to below 950 trillion rupiah now.
美国银行的经济学家最初将印尼央行的政策组合贴上“同时按兵不动、加息和降息”以及“令人困惑”的标签。他们后来在一份报告中表示，这些举措并没有最初看上去那么矛盾。
Bank of America economists initially labelled BI's policy mix as "hold, hike and cut all at once" and "perplexing". They later said in a note the measures were less contradictory than they first appeared.
*他们写道：“在我们看来，存款准备金率下调并不一定表明在需要时加息的意愿减弱。”
"The RRR cuts do not necessarily signal a reduced willingness to hike policy rate if needed, in our view," they wrote.