Jakarta. Indonesia’s foreign exchange reserves slightly increased to $131.98 billion in January from $130.2 billion a month earlier, a statement issued by the country's central bank, Bank Indonesia, revealed on Tuesday (07/02).
The central bank attributed the increase to an influx of dollars from tax revenue and export proceeds from the oil and gas sector, withdrawals of foreign debt by the government and auctions of Bank Indonesia forex bills.
In January, proceeds from oil and gas sector exports increased, thanks to rising global oil prices.
"Bank Indonesia believes the level of foreign exchange reserves is able to support resilience against external risks and help maintain a sustainable growth for Indonesia onward," bank spokesman Agusman said in the statement.
January’s reserve level is adequate to cover 8.5 months of the country's imports, or 8.2 months of imports and servicing of government external debt repayments, the central bank said. It is also above the international standards of reserve adequacy at three months of imports.