Bank Indonesia: Foreign Exchange Reserves Rise 400 Million Dollars, Debt And Tax Withdrawals Are Support

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) reported that the position of Indonesia's foreign exchange reserves at the end of November 2021 was recorded at 145.9 billion US dollars, an increase compared to the position at the end of October 2021 of 145.5 billion US dollars. This means that there has been an increase of around 400 million US dollars in the last month.

"The increase in the position of foreign exchange reserves in November 2021 was influenced, among other things, by tax and service receipts as well as the withdrawal of government foreign loans", said Head of the Bank Indonesia Communications Department, Erwin Haryono, in an official broadcast, Tuesday, December 7.

According to Erwin, the level of Indonesia's foreign exchange reserves is equivalent to financing 8.3 months of imports or 8.1 months of imports and servicing the government's foreign debt, and is above the international adequacy standard of around 3 months of imports.

"Bank Indonesia views the foreign exchange reserves as capable of supporting external sector resilience and maintaining macroeconomic and financial system stability", he said.

Erwin also ensured that the monetary authorities will continue to monitor the latest developments to maintain the stability of the domestic financial system", he closed.