Indonesia's Foreign Exchange Drops by US$60 Million in September  

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  • Cadangan Devisa Merosot

    Cadangan Devisa Merosot

    TEMPO.CO, Jakarta - Indonesia's foreign exchange reserves went down by US$60 million dollars in September 2014 - from US$111.224 billion in August 2014, to US$111.164 billion in September 2014.

    "Indonesia's foreign exchange reserve is relatively stable compared to its' previous month's position," said Bank Indonesia's (BI) Executive Director of Communications, Tirta Segara in Jakarta on Monday, October 6, 2014.

    Tirta said that the decrease could be attributed to government debt repayments and BI's interventions to stabilize Rupiah exchange rate.

    On the other hand, Indonesia's foreign exchange reserves were boosted by global sukuk issuance and payments for Indonesia's oil and gas exports, as well as an overall increase in foreign-denominated deposits in banks across Indonesia.

    Indonesia's foreign exchange position in September could be used to cover 6,5 months of imports and debt repayments - 3 months above the international minimum standard of 3 months.

    "BI sees these developments as positive developments - which will further strengthen Indonesia's defences against external shocks, and help ensure the continuation of a sustainable economic growth for Indonesia in the near future," said Tirta.