Bank Indonesia: June Forex Reserves Rise to US$123.8bn
Translator
Ririe Ranggasari
Editor
Laila Afifa
Jumat, 5 Juli 2019 13:35 WIB
TEMPO.CO, Jakarta - Bank Indonesia (BI) announced that Indonesia's foreign exchange (forex) reserves at the end of June 2019 reached US$123.8 billion. The achievement improved from May 2019's US$120.3 billion.
"Bank Indonesia assesses that the forex reserves can support the resilience of the external sector and maintain macroeconomic and financial system stability," the central bank's spokesman Onny Widjanarko said in a written statement on Friday, July 5, 2019.
He said that the forex reserves can finance 7.1 months of imports or 6.8 months of imports plus payment of government foreign debts. Onny added that the forex reserves amount is above the international adequacy standard, which is three months of imports.
At the end of May, forex reserves were recorded at US$120.3 billion, down from April's US$124.3 billion.
The decline in May 2019 was mainly due to the payment of government foreign debts as well as reduced placement of foreign exchange banking at the central bank in anticipation of low liquidity related to dividend payments cycle.
