JAKARTA (TheInsiderStories) - Indonesia’s foreign exchange (forex) reserve in June touched the highest level since May 2015 to US$109.8 billion from last month $103.6 billion. In May 2015, the forex reserve level recorded $111.6 billion.
The forex reserve position adequately cover 8.4 months of imports or 8.1 months of imports and servicing of government external debt repayments, well above the international standards of reserves adequacy at 3 months of imports.
Bank Indonesia (BI) considers the position of official reserve assets is able to strengthen the resilience of the external sector and maintain the sustainability of Indonesian economic growth.
The central bank’s spokesman Tirta Segara said, the increase was attributable to foreign exchange receipts, primarily from the issuance of government global bonds, the auction of Bank Indonesia foreign exchange bills, tax revenues and oil & gas export proceeds, as well as the withdrawal of government loans, which were more than outweighed the use of foreign exchange among other for repayments of government external debt and BI foreign exchange bills matured during period.
Foreign Reserve Data May 2015 - May 2106
(Source: Bank Indonesia)
May 15 $110.0 billion
June 15 $108.0 billion
July 15 $107.6 billion
August 15 $105.3 billion
Sept 15 $101.7 billion
Oct 15 $100.7 billion
Nov 15 $100.2 billion
Dec 15 $105.9 billion
Jan 16 $102.1 billion
Feb 16 $104.5 billion
March 16 $107.5 billion
April 16 $107.7 billion
May 16 $103.6 billion