Indonesia foreign exchange reserves reach US$117.9 billion

Jakarta, InfoPublik – Indonesia possessed a substantial amount of foreign exchange reserves of US$117.9 billion by the end of August 2018. It dropped slightly from US$118.3 billion at July 2018.

Bank Indonesia’s (BI) communication department executive director Agusman said the position of foreign exchange reserves was equivalent to the outlay of 6.8 months of imports or 6.6 months of imports and government foreign debt payments. It was also above the international adequacy standard of about 3 months of imports.

"Bank Indonesia assesses that foreign exchange reserves are able to support external sector resilience and maintain macroeconomic and financial system stability," Agusman said in a press release received in Jakarta on Sunday (9/9)

He added the decline in foreign exchange reserves in August 2018 was mainly influenced by government foreign debt payments and the stabilization of rupiah exchange rate in the midst of the increasing uncertainty of global financial market.

"In the foreseeable future, Bank Indonesia views that foreign exchange reserves will remain adequate, supported by confidence in good stability and domestic economic prospects. Export performance will also remain positive," he concluded. (Reporter: lsma, Translator: Erik Limantara)