Forex Reserves Drop $700m to $115b in October

BY :TABITA DIELA

NOVEMBER 07, 2016

Jakarta. Indonesia's foreign exchange reserves dropped by $700 million at the end of October thanks to low tax revenue, according to a central bank statement released on Monday (07/11).

The reserves dropped to $115 billion in October, down from $115.7 billion a month earlier.

"We have enough foreign exchange reserves to keep the external sector resilient and maintain a sustainable economic growth," Tirta Segara, an executive director at Bank Indonesia, the central bank, said in the statement.

Tirta said the current reserves are enough to cover 8.8 months of imports or 8.4 months of imports and foreign debt payments.

October's drop is relatively small, as in September forex reserves went up by $2.2 billion in that month alone.

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