The economists expect the Bank Indonesia to maintain the seven days repo rate at 4 percent. - Photo: Privacy

JAKARTA (TheInsiderStories) – Indonesia’s foreign exchange reserves the end of October 2018 stood at US$115.2 billion, higher than previous month at $114.8 billion, said Bank Indonesia today (07/11).

The foreign exchange (forex) reserve asset position was equivalent to financing of 6.4 months of imports or 6.2 months of imports and servicing of government external debt, and well above the international standard of reserve adequacy of 3 months of imports.

The Bank considers that the forex reserve position is able to support the external sector resilience and maintain macroeconomic and financial system sustainability.

It said, the increase in official reserve assets in October 2018 was mainly influenced by oil and gas foreign exchange revenues and withdrawal of government external debt which were surpassed the foreign exchange needs for government external debt repayments and rupiah stabilization.

Going forward, Bank Indonesia considers the official reserve assets remain adequate supported by confidence in stability and upbeat outlook of domestic economy as well as export performance that remains positive.

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