Indonesia's Foreign Reserves at Record High

Vice President Jusuf Kalla said Indonesia must impose stricter measures to ensure that dollars earned from exports remain in the country for longer, amid the continuous depreciation of the rupiah, which has been among the worst performers in Asia this year. (Reuters Photo/Gary Cameron)

By : Jakarta Globe | on 11:57 AM January 05, 2018
Category : Business, Economy

Jakarta. Indonesia's foreign exchange reserves increased to a record high of $130 billion in December from $125.97 billion a month earlier, Bank Indonesia's governor Agus Martowardojo said on Thursday (04/01).

The government's global bond issuance of $4 billion last month helped bump the reserves, which had been in decline in October and November.

"As of December, the reserves were at $130 billion. The details will be announced later," Agus told reporters.

The central bank has scheduled another announcement next Monday.

The country's strong reserves is one of the main reasons why credit rating agency Fitch Ratings had decided to raise Indonesia's long-term sovereign debt rating to "BBB with a stable outlook," a notch above investment grade, in December.

The agency said the reserves provide Indonesia with enough buffer to shield it from global financial shocks.

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