Indonesia’s Forex Reserves Hit US$124.95 Billion in May: BI

By Office of Assistant to Deputy Cabinet Secretary for State Documents & Translation
Date 9 Juni 2017
Category: News
Read: 4.734 Views

tumpukan-dollar-300x173Central bank Bank Indonesia (BI) announced that Indonesia’s foreign exchange (forex) reserves at the end of May this year reached US$124.95 billion, higher than that in April at US$123.25 billion.

In fact, Indonesia’s 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 country’s 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 Government’s foreign debts and the SBBI that is due,” Tirta said in his press statement on Thursday (8/6).

Tirta added that Indonesia’s 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 Government’s 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 Indonesia’s forex reserves can sustain the resilience of  external sectors and maintain Indonesia’s economic growth in the future,” Tirta concluded. (Departemen Komunikasi BI/ES)  (EP/YM/Naster) 

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