JAKARTA (TheInsiderStories) – Bank Indonesia (BI) has noted that Indonesia’s foreign exchange (forex) reserves stood at US$117.2 billion in November, slightly up compared to October at $115.2 billion.
The reserves position was equivalent to 6.5 months of imports or 6.3 months of imports and payment of government foreign debt, and is above the international adequacy standard of around 3 months of imports.
Based on written statement on Friday (12/07), BI assessed that the forex reserves were able to support the resilience of the external sector and maintain macroeconomic and financial system stability.
The increase in reserves, mainly came from oil and gas revenues, the withdrawal of government foreign debt, and other foreign exchange receipts which were greater than the foreign exchange requirements for government external debt payments.
The central bank considers forex reserves to be adequate going forward, supported by confidence in the stability and prospects of a good domestic economy and export performance that remains positive.
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