Foreign Exchange Reserves In August 2022 Stable At 132.2 Billion US Dollars, What's Wrong?

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) informed that foreign exchange reserves at the end of August 2022 were USD 132.2 billion.

Head of the BI Communications Department Erwin Haryono revealed that this amount is relatively stable compared to the position at the end of July 2022 which was also USD 132.2 billion.

"The development of foreign exchange reserves in August 2022 is influenced, among other things, by tax and service revenues, oil and gas foreign exchange receipts, amid the need for the stabilization of the rupiah exchange rate in line with the high uncertainty of the global financial market," he said in a written statement on Wednesday, September 7.

According to Erwin, the position of foreign exchange reserves recorded until last month was equivalent to financing 6.1 months of imports or 6.0 months of imports and payment of government foreign debt.

He emphasized that the value of Indonesia is above the international adequacy standard of around 3 months of imports.

"Bank Indonesia assesses that foreign exchange reserves are able to support external sector resilience and maintain macroeconomic and financial system stability," he said.

Meanwhile, Bank Indonesia views foreign exchange reserves as adequate, supported by stability and maintained economic prospects.

"This is also in line with various policy responses in maintaining macroeconomic stability and the financial system to support the national economic recovery process," concluded Erwin.