Foreign Exchange Reserves Increased To 137 Billion US Dollars Driven To Government Debt Retribution

Illustration (Photo: Doc. Antara)

JAKARTA Bank Indonesia (BI) reported that the position of Indonesia's foreign exchange reserves at the end of December 2022 reached 137.2 billion US dollars.

Head of the BI Communication Department Erwin Haryono said the number increased compared to the position at the end of November 2022 of 134 billion US dollars.

"The increase in the position of foreign exchange reserves in December 2022 was influenced, among other things, by tax and service receipts, as well as the withdrawal of government loans," he said in a written statement on Friday, January 6.

According to Erwin, the position of foreign exchange reserves owned by Indonesia is equivalent to financing 6.0 months of imports.

"This amount is also equivalent to 5.9 months of imports and payment of government foreign debt," he said.

Erwin ensured that Indonesia's foreign payment instruments were still very sufficient to be above the international adequacy standard of around 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.

He revealed that the central bank views foreign exchange reserves as adequate, supported by stability and maintained economic prospects.

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