Moncer Tax Revenue, Foreign Exchange Reserves Increase To 137.7 Billion US Dollars

Illustration (Photo: Doc. Antara)

JAKARTA Bank Indonesia (BI) reported that the position of Indonesia's foreign exchange reserves at the end of July 2023 was recorded at 137.7 billion US dollars.

Head of the BI Communications Department Erwin Haryono said that this amount was greater than the June 2023 period which amounted to USD 137.5 billion. This means that there was an increase of around USD 200 million in just one calendar month.

"The increase in the position of foreign exchange reserves is influenced, among other things, by tax and service revenues," Erwin said in a press release today, Monday, August 7.

Erwin explained that the position of foreign exchange reserves is equivalent to financing 6.2 months of imports or 6.0 months of imports and payment of government foreign debt.

"This amount is above the international adequacy standard of about 3 months of imports," he said.

Erwin added, Bank Indonesia assesses that foreign exchange reserves are able to support the resilience of the external sector," he said.

In addition, the monetary authority assesses that Indonesia's foreign payment instruments are able to maintain macroeconomic and financial system stability.

"In the future, Bank Indonesia views that foreign exchange reserves will remain adequate, supported by stability and maintained economic prospects," he said.

"Bank Indonesia will continue to respond through a policy mix in maintaining macroeconomic and financial system stability to support sustainable economic growth," Erwin concluded.