Indonesia's central bank on Thursday cut the seven-day reverse repo rate by 25 basis points to a record low of 3.5 per cent and cut its economic growth forecast for this year on fears that a rebound in the COVID-19 case would slow the recovery.

Since the beginning of 2020, Indonesia's central bank has cut interest rates by 150 basis points.

Perry Warjiyo, governor of Indonesia's central bank, said on Thursday that the bank had cut its GDP growth forecast for 2021 to 4.3-5.3 per cent from 4.8-5.8 per cent.