Foreign Exchange Reserves Up by $3 Billion: Bank Indonesia
Jakarta. Indonesia's foreign exchange reserves increased by $3 billion in February on the back of incoming tax revenue, income from oil and gas exports, overseas loan withdrawal and proceeds from foreign-denominated Bank Indonesia securities that exceeded foreign debt payments.
The reserves increased to $119.9 billion at the end of February, up from $116.9 billion a month earlier.
"Bank Indonesia is of the opinion that the official reserve assets are strong enough to maintain the resilience of the external sector and keep economic growth sustainable," Tirta Segara, an executive director at Bank Indonesia, said in a statement on Tuesday (07/03).
Tirta said the current foreign exchange reserves are enough to cover 8.9 months of import or 8.5 months of import and foreign debt payments.
Indonesia, as stated in its 2017 state budget, is targeting a 5.1 percent economic growth this year, slightly higher than 2016's 5 percent.
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