BI: Foreign Exchange Reserves Rise In July 200 Million US Dollars, Issuance Of Global Bonds Is The Trigger

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) reported that the position of Indonesia's foreign exchange reserves at the end of July 2021 was recorded at 137.3 billion US dollars.

Head of the Communications Department of Bank Indonesia, Erwin Haryono, said that this number increased from the position in June 2021, which amounted to 137.1 billion US dollars. This means that there has been a surge in foreign exchange reserves of 200 million US dollars within one month.

"The increase in the position of foreign exchange reserves in July 2021 is influenced, among other things, by the issuance of government global bonds as well as tax and service revenues," he said in a press statement, Friday, August 6.

According to Erwin, the foreign exchange reserve position is equivalent to financing 8.9 months of imports or 8.6 months of imports and servicing the government's foreign debt, and is above the international adequacy standard of around 3 months of imports.

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

Based on VOI records, in the period of June 2021 foreign exchange reserves are also known to increase by 800 million US dollars to 137.1 billion US dollars. The growth was caused by the same thing, namely the issuance of government global sukuk as well as tax and service revenues.

"Going forward, Bank Indonesia views that foreign exchange reserves will remain adequate, supported by stability and maintained economic prospects, along with various policy responses to promote economic recovery," concluded Erwin.