Bank Indonesia Announces US$145.9bn Forex Reserves in November

Bank Indonesia Announces US$145.9bn Forex Reserves in November

TEMPO.CO, Jakarta - Bank Indonesia recorded that the amount of foreign exchange (forex) reserves was US$145.9 billion at the end of November

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TEMPO.CO, Jakarta – Bank Indonesia recorded that the amount of foreign exchange (forex) reserves was US$145.9 billion at the end of November 2021. This is a slight increase from the previous month’s US$145.5 billion.

“The foreign exchange reserves position is equivalent to 8.3 months of import financing, or 8.1 months of imports and government foreign debt payment,” BI head of communications Erwin Haryono said in a written statement, Tuesday, December 7.

November’s foreign exchange is above the international adequacy standard of around three months of imports.

“Bank Indonesia views the foreign exchange reserves as capable of supporting external sector resilience and maintaining macroeconomic and financial system stability,” he said.

The forex increase was supported by, among others, tax and services revenues as well as the government’s withdrawal of external loans.

Erwin said the central bank believes there would be ample forex within the months to come, “supported by well-guarded economic stability and prospects that come with the various policy responses in promoting economic recovery”.

Read: BI: Indonesia’s Forex Reserves Reach US$137.3 Bn in July

Muhammad Hendartyo



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