JAKARTA - Bank Indonesia (BI) reported that there was an increase in foreign exchange reserves throughout February 2022.
Head of the BI Communications Department, Erwin Haryono, said last month's foreign exchange reserves stood at 141.4 billion US dollars. This figure is up about 100 million US dollars from the January 2022 book of 141.3 billion US dollars.
"The increase in the position of foreign exchange reserves in February 2022 was influenced, among other things, by the withdrawal of government foreign loans as well as tax and service revenues", he said in a press statement on Tuesday, March 8.
According to Erwin, the position of Indonesia's foreign exchange reserves is getting stronger as evidenced by several indicators.
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First, the position of foreign exchange reserves is equivalent to financing 7.5 months of imports. Second, this amount is also able to finance 7.3 months of imports accompanied by payment of the government's foreign debt.
"Indonesia's foreign exchange reserves are above the international adequacy standard of about 3 months of imports", he said.
Erwin himself ensured that the foreign exchange reserves were able to support the resilience of the external sector and maintain macroeconomic and financial system stability.
"Going forward, Bank Indonesia views foreign exchange reserves as adequate, supported by stability and maintained economic prospects, along with various policy responses to promote economic recovery", Erwin concluded.
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