Foreign Exchange Reserves Increase To 150.2 Billion US Dollars In August 2024

JAKARTA - Bank Indonesia (BI) revealed that Indonesia's foreign exchange reserves at the end of August 2024 were recorded at 150.2 billion US dollars, an increase compared to the position at the end of July 2024 of 145.4 billion US dollars.

Assistant Governor of the BI Communication Department Erwin Haryono said that the increase in the position of foreign exchange reserves was influenced, among others, by tax and service receipts, receipts of oil and gas foreign exchange, and withdrawals of government foreign loans.

The position of foreign exchange reserves at the end of August 2024 is equivalent to financing 6.7 months of imports or 6.5 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," he explained in his statement, Friday, September 6.

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

Erwin said 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 explained.