JAKARTA Bank Indonesia (BI) reported that there was an increase in foreign exchange reserves of around US$4.9 billion in March 2023. The value or equivalent to Rp72.5 trillion if calculated based on the APBN exchange rate of Rp14,800.
BI Communications Department Erwin Haryono said foreign exchange reserves in March 2023 totaled USD 145.2 billion, an increase compared to the position at the end of February 2023 of USD 140.3 billion.
"The increase in the position of foreign exchange reserves in March 2023 was influenced, among other things, by the receipt of taxes and withdrawals of government foreign loans," he said in a press statement today, Monday, April 10.
According to Erwin, the position of foreign exchange reserves is equivalent to financing 6.4 months of Indonesia's imports. This amount is also able to finance 6.2 months of imports and pay off government foreign debt. In general, the foreign payment instrument is in a safe condition.
"The Indonesian foreign exchange reserves are above the international adequacy standard of about 3 months of imports," he said.
Erwin revealed that this condition is able to support the resilience of the external sector and maintain macroeconomic and financial system stability.
In the future, he continued, Bank Indonesia 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.
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