Indonesias Forex Reserves Hit US$124.95 Billion in May: BI
In fact, Indonesias forex reserves in May were even higher than the highest amount of forex reserves Indonesia had ever had in August 2011 at US$124.6 billion.
According to BI Executive Director of Communication, Tirta Segara, the increase in the countrys forex reserves was caused by foreign exchange revenues, including tax revenues, oil and gas exports as well as from auctions of foreign exchange securities (SBBI). Our forex revenues have surpassed the need for forex to pay the Governments foreign debts and the SBBI that is due, Tirta said in his press statement on Thursday (8/6).
Tirta added that Indonesias forex reserves at the end of May is sufficient to finance imports for 8.9 months or to finance imports in 8.6 months and pay the Governments foreign debts. He added that amount of forex reserves was higher than the international standard of adequacy for around 3 months of import.
Bank Indonesia considers that Indonesias forex reserves can sustain the resilience of external sectors and maintain Indonesias economic growth in the future, Tirta concluded. (Departemen Komunikasi BI/ES) (EP/YM/Naster)