JAKARTA (TheInsiderStories) - Indonesian foreign exchange (forex) reserves surge to US$111.4 billion in July, up 1.46 percent from $109.8 billion in June of 2016, Bank Indonesia (BI) reported on Friday. Bank Indonesia Governor Agus Martowardojo commented that the increase in forex reserves was a result, among others, of tax revenues and the governments oil and gas forex, BIs foreign exchange securities auction.
The reserves are sufficient to finance 8.5 months of imports or 8.2 months of imports and governments foreign debt payments, with the reserve also being above the standard international adequacy for approximately three months of imports. BI expects the forex reserve to help maintain external sector resilience to support and maintain the sustainability of economic growth in Indonesia in the future. (*)