Bank Indonesia Notes That Indonesia's Foreign Exchange Reserves in December 2023 Will Skyrocket to 146 Billion US Dollars

Bank Indonesia (Photo: Antara)

JAKARTA - Bank Indonesia announced that Indonesia's foreign exchange reserves at the end of December 2023 were recorded at 146.4 billion US dollars. This figure has increased compared to the end of November 2023, amounting to 138.1 billion US dollars.

Head of the BI Communications Department, Erwin Haryono, said that the increase in foreign exchange reserves was influenced, among other things, by tax and service revenues, as well as withdrawals from government foreign loans.

"The position of foreign exchange reserves is equivalent to financing 6.7 months of imports or 6.5 months of imports and payment of government foreign debt, and is above the international adequacy standard of around 3 months of imports," he explained in his official statement, Monday, January 8, 2024.

Erwin said that Bank Indonesia also assesses that foreign exchange reserves are capable of supporting the resilience of the external sector and maintaining macroeconomic and financial system stability.

Going forward, Erwin said that Bank Indonesia views that foreign exchange reserves will remain adequate, supported by stability and maintained economic prospects,

"In line with the policy mix response taken by Bank Indonesia and the Government in maintaining macroeconomic and financial system stability to support sustainable economic growth," he concluded.