Indonesian government began to take more drastic action, doubling its SBI rates to 45% (increasing the cost of its lending), and in April, having signed a third letter of intent with the IMF, the IBRA took over the major private banks, twinning the banks with state banks, and suspending the owners' control. The rupiah, which had strengthened to around Rp 8,000, depreciated in the wake of the Jakarta riots of May 1998, and in particular the run on the Bank Central Asia, Indonesia's largest private bank, that ensued, causing the bank to be taken over by IBRA on 29 May. The SBI rate was increased to 70% in the wake of massive inflation.