Foreign Exchange Reserve Falls to $100b in October

The rupiah rose 6.9 percent against the US dollar last month, but is down nearly 9 percent since the start of the year. (ID Photo/David Gita Roza)

By : Investor Daily | on 12:51 PM November 07, 2015
Category : Business, Economy

Jakarta. Indonesia's foreign exchange reserves shrank by $1 billion to $100.7 billion in October, as Bank Indonesia continued trying to prop up a slumping rupiah.

"It is in line with Bank Indonesia’s commitment which has and will be in the market in order to stabilize the rupiah rate in accordance with the fundamental to support macroeconomic and financial system stability," Bank Indonesia spokesman Andiwiana said on Friday.

The rupiah rose 6.9 percent against the US dollar last month, but is down nearly 9 percent since the start of the year.

At current levels, the foreign exchange reserves are sufficient to cover 7.1 months of imports, or 6.6 months of imports plus servicing of the government's foreign debts, Andiwinata said.

Indonesia has spent some $15 billion from its foreign exchange reserves since February to October to try and prop up the rupiah.

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