JAKARTA - Bank Indonesia said the country’s foreign exchange reserves at end of August 2016 stood at US$113.5 billion, higher than previous month of US $ 111.4 billion. The increase was primarily driven by the receipt of foreign exchange reserves, among others, comes from tax revenues and foreign oil and gas, the withdrawal of foreign government debt, and the results of the auction Securities Bank Indonesia (SBBI) currency, which exceed the needs of foreign exchange for payment of foreign debt and SBBI currency due date.
Foreign exchange reserves at the end of August 2016 is adequate to finance 8.7 months of imports or 8.3 months of imports and government foreign debt payments, over and above the standard international adequacy approximately 3 months of imports. Bank Indonesia’s foreign exchange reserves are able to assess the resilience of the external sector to support and maintain the sustainability of economic growth in Indonesia in the future. (*)