BI Records Indonesia's Foreign Exchange Reserves Drop To 150.2 Billion US Dollars In November 2024

Foreign Exchange Reserves (Photo: Antara)

JAKARTA - Bank Indonesia (BI) revealed that the position of Indonesia's foreign exchange reserves was recorded to have fallen in November 2024 compared to the previous month.

Executive Director of the BI Communication Department, Ramdan Denny Prakoso, said that the position of Indonesia's foreign exchange reserves at the end of November 2024 was recorded at 150.2 billion US dollars, slightly decreased compared to the position at the end of October 2024 of 151.2 billion US dollars.

Meanwhile, the position of foreign exchange reserves remains high, equivalent to financing 6.5 months of imports or 6.3 months of imports and payment of government foreign debt, and is above the international adequacy standard of around 3 months of imports.

"The development of foreign exchange reserves is influenced, among other things, by the payment of government foreign debt," he said in his statement, Friday, December 6.

Denny conveyed that Bank Indonesia assessed that foreign exchange reserves were able to support the resilience of the external sector and maintain macroeconomic and financial system stability.

In the future, Denny said that Bank Indonesia views adequate foreign exchange reserves to support the resilience of the external sector.

According to Denny, the export prospects that remain positive and the balance of capital and financial transactions that are predicted to continue to record a surplus are in line with investor positive perceptions of the prospect of the national economy and attractive investment returns, supporting maintained external resilience.

"Bank Indonesia also continues to strengthen synergy with the Government in strengthening external resilience so that it can maintain economic stability in order to support sustainable economic growth," he explained.