Foreign Exchange Reserves Cover Eight Months of Imports: Bank Indonesia

JANUARY 09, 2018

Jakarta. Indonesia sits on foreign exchange reserves that will cover 8.6 months of the country's imports, or 8.3 months of imports and government foreign debt payments, a statement issued by the country's central bank, Bank Indonesia, revealed on Monday (08/01).

December's $130.2 billion foreign exchange reserves are the highest Indonesia ever recorded in its history, showing that the country has been more than able to maintain economic stability and stand up to pressures from the global economy.

The reserves in December were up $4.23 billion from $125.97 billion in November, thanks to government global bond issuances and revenues from oil and gas exports.

"We get more foreign exchange reserves than what we used to repay external debts and Bank Indonesia’s foreign exchange bills," bank spokesman Agusman said in the statement.

The bank said it will try to maintain the level of the reserves to keep the country's economy stable, which should be helped by improving exports and a more promising global economy.

Indonesia's foreign exchange reserves are the third largest in Southeast Asia after Singapore and Thailand.

Source: Bank Indonesia