Bank Indonesia Forex Reserves Up

Jakarta, 03 Dzulqa’dah 1437/06 August 2016 (MINA) – Foreign exchange reserves of Bank Indonesia, Indonesian central bank, rose to 111,409 billion U.S. dollars at the end of July from 109.789 billion U.S. dollars at the end of June, the bank said on Friday.

That is sufficient to pay a 8.5-month importation and the government foreign debts, Xinhua quoted the bank as saying in its website.

Indonesia’s trade performance has posted surplus in recent months as exports have gradually improved amid rebound of commodity prices.

In June, the country’s trade surplus widened to 900.2 million U.S. dollars in June compared with 375.6 million U.S. dollars in May, the Central Statistic Agency (BPS) has said.

Also Read: Rupiah Rises on Relaxation of Trade War

Indonesia has started receiving influx of foreign capitals since the endorsement tax amnesty law in June that has bolstered stock market and strengthened rupiah against the U.S. dollars as the investors expects the policy to spur asset repatriations.

The government said it will revise the rupiah against the greenback to a stronger level of 13,300 from 13,500, a move cheered by investors. (T/R07/R01)

Mi’raj Islamic News Agency (MINA)