JAKARTA (TheInsiderStories) - Indonesia’s foreign reserve position stood at US$116.9 billion as of end-January 2017, higher than the end of December 2016 level registered at $116.4 billion. The increase was primarily attributable to foreign exchange receipts, such as tax revenues and government oil & gas export proceeds, as well as auction of Bank Indonesia foreign exchange bills, that surpassed the use of foreign exchange among other for repayments of government external debt and Bank Indonesia foreign exchange bills matured during the period.
The reserve asset position at the end-January 2017 adequately covered 8.7 months of imports or 8.4 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 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.