Indonesia forex reserves rise slightly to US$145.6 bil at end-June

JAKARTA (July 7): Indonesia’s forex reserves increased by US$0.7 billion in June to US$145.6 billion, Bank Indonesia said on Tuesday.

The slight rise in reserves was limited by the central bank’s FX intervention to stabilise the rupiah and the government’s foreign debt payments, despite higher tax and services receipts, it said.

The reserves position was equivalent to 5.5 months of imports and remained above the international adequacy standard of around three months of imports, it said.

The reserves were sufficient to maintain macroeconomic and financial sector stability, it added.

Indonesia’s currency hit a record low last month and is still under pressure as a result of a wide range of factors that have concerned investors, including President Prabowo Subianto’s big spending plans and a ballooning fuel subsidy budget due to the Iran war.

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