Indonesia’s forex reserves soar to US$135.9 billion in December 2020

Jakarta (ANTARA) – Indonesia’s foreign exchange reserves jumped to US$135.9 billion in December 2020, from $133.6 billion a month earlier, according to Bank Indonesia (BI).

The current reserves level is estimated to be sufficient to support 10.2 months of imports or 9.8 months of imports and government foreign debt repayments and above the international adequacy standard of three months’ worth of imports.

“Bank Indonesia believes the foreign exchange reserves will be able to support the external sector’s resilience and maintain macroeconomic and financial system stability,” Executive Director of the BI Communication Directorate Erwin Haryono stated here on Friday.

Haryono attributed the increase in foreign exchange reserves to the government’s foreign loan withdrawal and tax receipts.

Haryono said BI believed the country’s foreign exchange reserves will suffice in future owing to manageable economic stability and prospects, along with various positive responses to the policy to push economic recovery.

Source: Antara News