Foreign Exchange Reserves Up To 134 Billion US Dollars: Added From Taxes, No Source Of Debt

Illustration (Photo: Doc. Antara)

JAKARTA Bank Indonesia (BI) reported that the position of Indonesia's foreign exchange reserves at the end of November 2022 was US$ 134 billion.

Head of the BI Communication Department Erwin Haryono said the number increased compared to the position at the end of October 2022 which amounted to USD 130.2 billion.

"Improving the position of foreign exchange reserves in November 2022, among others, is influenced by tax and service receipts, as well as receipts of oil and gas foreign exchange," he said when giving a press statement on Wednesday, December 7.

According to Erwin, Indonesia's foreign payment value is quite safe. This is reflected in the position of foreign exchange reserves which are equivalent to financing 5.9 months of imports or 5.8 months of imports and payment of government foreign debt.

"This is above the international adequacy standard of about three months of imports," he stressed.

Erwin added, Bank Indonesia assessed that the foreign exchange reserves were able to support the resilience of the external sector.

"So is macroeconomic stability and a financial system that can be maintained," he said.

VOI noted that the increase in foreign exchange reserves was often influenced by the government's move to decide to withdraw debt. This was revealed in the BI report for foreign exchange reserves in June 2022 which shot up about 800 million US dollars in a month influenced by the issuance of a global government bond.

"In the future, Bank Indonesia views that foreign exchange reserves will remain adequate, supported by stability and maintained economic prospects, in line with various policy responses in maintaining macroeconomic and financial system stability to support the national economic recovery process," Erwin concluded.