Kedutaan Besar Republik Indonesia
Ottawa
Embassy of the Republic of Indonesia
Ambassade de la RÉpublique d'Indonésie

Indonesia`s July forex reserves surge to $111.4 billion

reserves at the end of July had increased by $1.6 billion to $111.4 billion, up from $109.8 billion in June this year.

The Governor of Indonesias central bank Agus Martowardojo, briefly commented on Friday that the foreign exchange (forex) reserves until July 2016 would remain in a good condition.

The increase in forex reserves was a result, among others, of tax revenue and the governments oil and gas forex, also due to BIs Foreign Exchange Securities (SBBI) auction.

“The foreign exchange income is beyond the need of foreign debt payment and Bank Indonesias Foreign Exchange’s Securities (SBBI) maturity,” said the central banks spokesperson Arbonas Hutabarat in an official statement.

The reserves are sufficient to finance 8.5 months of imports or 8.2 months of imports and governments foreign debt payments, with the reserve also being above the standard international adequacy for approximately three months of imports.

BI expects the forex reserve to help maintain external sector resilience to support and maintain the sustainability of economic growth in Indonesia in the future.

Source: www.antaranews.com, 6 August 2016