Intellasia East Asia News – Indonesia’s foreign exchange reserves in May remain high

Indonesia’s foreign exchange reserves remained high at 136.4 billion US dollars as of the end of May, despite of a decline from 138.8 billion dollars by the end of April this year, according to its central bank Bank Indonesia.

The position of the foreign exchange reserves was equivalent to financing 9.5 months of imports, and above the international adequacy standard of three months of imports, Erwin Haryono, head of Bank Indonesia’s communication department, said on Tuesday.

Bank Indonesia considers that the position of the foreign exchange reserves was able to support the external sector’s resilience and maintain macroeconomic and financial system’s stability, Haryono said in a statement.

The decrease in the foreign exchange reserves in May 2021 was influenced, amongst others, by the government’s external debt payment, he added.

According to him, the foreign exchange reserves would remain adequate in the future as they are supported by maintained economic stability and prospects in line with the policy responses to stimulate economic recovery.


Category: Indonesia

Print This Post

Source link