JAKARTA - Bank Indonesia (BI) reported that the position of foreign exchange reserves at the end of January 2022 was USD 141.3 billion.
Head of the BI Communications Department Erwin Haryono said the figure was lower than the previous recapitulation in December 2021 which amounted to USD 144.9 billion.
According to VOI records, this score has consistently declined since November 2021, which was recorded at USD 145.9 billion.
"The decline in the position of foreign exchange reserves in January 2022 was influenced, among other things, by the need for payment of the government's foreign debt," he said as reported by the official website on Tuesday, February 8.
According to Erwin, another factor that caused the cut in foreign payment instruments is the signal of a stronger economic recovery. He said it is believed that business actors need more foreign exchange to support business activities throughout 2022.
"The reduction in foreign exchange (foreign exchange) placements at Bank Indonesia is part of the anticipation of the need for foreign exchange liquidity in line with improving economic activity," he said.
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Although foreign exchange reserves have experienced a sloping trend in the last two months, Erwin ensures that Indonesia's fundamentals are maintained.
"The position of foreign exchange reserves is equivalent to financing 7.6 months of imports or 7.4 months of imports and servicing government foreign debt, and is above the international adequacy standard of around 3 months of imports. Bank Indonesia considers the foreign exchange reserves to be able to support external sector resilience and maintain macroeconomic and financial system stability," he said.
"Going forward, Bank Indonesia views foreign exchange reserves as adequate, supported by stability and maintained economic prospects, along with various policy responses to promote economic recovery," Erwin concluded.
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