BI Records Foreign Exchange Reserves Reaching 145.4 Billion US Dollars In July 2024

JAKARTA - Bank Indonesia (BI) reported that the position of Indonesia's foreign exchange reserves at the end of July 2024 was recorded at 145.4 billion US dollars, an increase compared to the position at the end of June 2024 of 140.2 billion US dollars.

Assistant Governor of the Communication Department of Bank Indonesia Erwin Haryono said that the increase in the position of foreign exchange reserves was mainly influenced by the issuance of global government sukuk as well as tax and service revenues.

Meanwhile, the position of foreign exchange reserves at the end of July 2024 is equivalent to financing 6.5 months of imports or 6.3 months of imports and payment of government foreign debt, and is above the international adequacy standard of around 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," he said in his statement, Wednesday, August 7.

In the future, Erwin said that Bank Indonesia views foreign exchange reserves as adequate so that it can continue to support the resilience of the external sector.

Erwin conveyed that export prospects that remain positive and the balance of capital and financial transactions that are predicted to continue to record a surplus are in line with investor positive perceptions of the prospect of the national economy and attractive investment returns, supporting maintained external resilience.

"Bank Indonesia also continues to strengthen synergy with the Government in strengthening external resilience so that it can maintain economic stability in order to support sustainable economic growth," he concluded.