Bank Indonesia: Foreign Exchange Reserves As Of End Of March Is Recorded At USD 137.1 Billion

JAKARTA - Bank Indonesia (BI) recorded that Indonesia's foreign exchange reserves at the end of March 2021 amounted to USD 137.1 billion, or slightly decreased compared to February 2021, which is at USD 138.8 billion.

Head of the BI Communication Department Erwin Haryono said the foreign exchange reserves were equivalent to financing 10.1 months of imports or 9.7 months of imports and servicing government foreign debt.

He added that the position of foreign exchange reserves in March 2021 was also above the international standard of about 3 months of imports.

"Bank Indonesia considers the foreign exchange reserves to be able to support the resilience of the external sector and maintain macroeconomic and financial system stability", he said in a written statement, Wednesday, April 7.

He explained that the decline in the position of foreign exchange reserves was mainly influenced by the payment of government foreign debt which was in accordance with the payment maturity pattern.

Going forward, Bank Indonesia considers that foreign exchange reserves will remain adequate, supported by stability and a maintained economic outlook, in line with various policy responses to promote economic recovery.