TEMPO.CO, Jakarta - Indonesia's foreign exchange (forex) reserves amounted to US$124.5bn in March 2019. A Bank Indonesia (BI) official said that the reserves rose by more than US$1bn from February's US$123.3bn.
"The forex reserves can finance seven months of imports or 6.8 months of imports plus foreign debt payment. It is above the international adequacy standard of three months," Onny Widjanarko, BI's executive director of communications, said in a written statement, Monday, April 8.
The central bank assesses that the forex reserves can sustain the nation's resilience against external sectors and maintain macroeconomic and financial system stability.
The forex reserves increase in March 2019 was influenced by, among others, oil and gas forex revenues.
Meanwhile, Coordinating Minister for Economic Affairs Darmin Nasution said the government would continue to boost export in a bid to generate forex. "Amid our recovering exports, we will continue to make efforts [to increase it]."