Foreign Exchange Reserves by July Increases to US$110 bn
8 August 2014 19:44 WIB
TEMPO.CO, Jakarta - Indonesia's foreign exchange reserves at the end of July has increased to US$110.5 billion, up from US$107.7 billion by end of June.
"The increase in our foreign exchange reserves come from the issuance of Euro Bonds and the profits earned from our oil-and-gas exports, the amount of which exceeded our foreign debt repayments," said Bank Indonesia (BI) Executive Director of Communications Tirta Segara in an official statement in Jakarta today.
Incoming flows of Foreign Direct Investments (FDI) also has a positive impact on Indonesia’s foreign exchange reserves. At current levels, the foreign exchange reserves is enough to cover 6.4 months of imports, or 6.2 months of imports and foreign debt repayments, well above the international standards of 3 months.
"BI thinks that Indonesia’s increasing foreign exchange reserves will have a positive impact in decreasing Indonesia’s vulnerability from external shocks, and help guarantee a continuous and sustainable growth," said Tirta.
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