Tax Amnesty Contributes to Increasing Foreign Exchange Reserves
8 October 2016 18:06 WIB
TEMPO.CO, Jakarta - Indonesia’s foreign exchange reserves until the end of September 2016 has increased compared to those in the previous month.
Economist from Permata Bank Josua Pardede said that the tax amnesty program contributes to the increase.
According to Josua, the tax amnesty program gives a positive sentiment to the financial market, especially by the end of the first period, which is September 2016.
Repatriated funds and repatriated assets continue to increase and boost investment portfolio.
"This indicates the potentials of surplus trade of balance that finally reflects the increasing foreign exchange reserves,” Josua said on Saturday (8/10).
Josua added that the measure taken by central bank Bank Indonesia to obtain dollars from the market has also increased foreign exchange reserves in September.
Indonesia’s foreign exchange reserves by the end of September was recorded at US$ 115.7 billion. The figure increased from those in August, when US$ 113.5 billion was reported.
VINDRY FLORENTIN