BI Strengthens Foreign Exchange Reserves To Maintain Economic Resilience

JAKARTA - Bank Indonesia (BI) continues to be committed to maintaining Indonesia's foreign exchange reserves to be able to maintain the country's economic resilience in the future.

Senior Deputy Governor of Bank Indonesia Destry Damayanti said that Indonesia's current foreign exchange reserves will greatly affect Indonesia's economic resilience to the turmoil that is happening in the global world.

"We will continue to maintain this because the large amount of foreign exchange reserves will greatly affect economist resistance to external shocks," he said at the Bloomberg Technoz Economic Outlook 2024 event at the Westin Hotel, Jakarta, Wednesday, February 7, 2024.

For information, Bank Indonesia (BI) recorded the position of Indonesia's foreign exchange reserves at the end of January 2024 remained high at 145.1 billion US dollars, although it decreased compared to the position at the end of December 2023 of 146.4 billion US dollars.

The decline in the position of foreign exchange reserves was influenced, among other things, by the maturity of the government's foreign debt payments.

In addition, the position of foreign exchange reserves is equivalent to financing 6.6 months of imports or 6.4 months of imports and payment of government foreign debt, and is above the international adequacy standard of about 3 months of imports.

Bank Indonesia assesses that foreign exchange reserves are able to support the resilience of the external sector and maintain macroeconomic and financial system stability.