JAKARTA (TheInsiderStories) – Indonesia`s foreign exchange reserves rose by US$1.7 billion to US$131.9 billion as of late January 2018 from US$130.2 billion a month earlier, according to Bank Indonesia.
The increase resulted from tax and foreign exchange receipts from the government`s share of oil and gas exports, the withdrawal of the government`s foreign loans, and proceeds from the auction of foreign currency-denominated Bank Indonesia Securities (SBBI).
“The foreign exchange receipts outstrip foreign exchange needs particularly to repay the government`s foreign debts and maturing SBBI in foreign currency,” Executive Director of the Communication Policy Department of Bank Indonesai, Agusman said in a press statement released on Wednesday.
According to Bank Indonesia, the foreign exchange reserves as of late January 2018 are enough to finance 8.5 months of imports or 8.2 months of imports and government`s foreign debt repayments.
The foreign exchange reserves also stay above the international adequacy standard at around three months of imports.
The central bank believed the foreign exchange reserves will be able to support the resilience of the external sector and maintain the positive trend of the national economic growth.