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Indonesia’s Foreign Exchange Reserves up US$800 million in December

Jakarta (ANTARA News) – Indonesias foreign exchange reserves rose by US$800 million at the end of December 2014 to US$111.9 billion, the Indonesia central banks executive director of the communication department, Tirta Segara, said here on Thursday.

“The hike of the foreign exchange reserves is especially driven by foreign exchange income from oil and gas exports, withdrawal of governments foreign debts and other government revenues in the foreign currencies that surpass spending for payment of government foreign debts and foreign exchange needs for stabilizing the rupiah exchange rate,” he said.

He said foreign exchange savings and banks swaps with Bank Indonesia had also increased ahead of the end of 2014.

In all the countrys foreign exchange reserves for 2014 increased by US$12.5 billion from the last position at US$99.4 billion at the end of the previous year.

“At the end of December 2014, the countrys foreign exchange reserves could finance 6.7 months of imports or 6.5 months of imports and governments foreign debt payments, and is still above the international adequacy standard at around three months of imports,” he said.

Bank Indonesia viewed at the level the foreign exchange reserves was able to support external sector resilience and sustain the continuity of the countrys economic growth in the future.

At the end of November 2014 the countrys foreign exchange reserves dropped by US$900 million as compared with the foreign exchange reserve at the end of October 2014 that was recorded at US$112 billion.

The drop was caused by spending for paying governments foreign debts and monetary control by Bank Indonesia.

Source : www.antaranews.com, Thursday 8 January 2015