Indonesia Forex Reserves Up at End September on Strong Capital Inflow

Jakarta, 07 Muharram 1438/08 October 2016 (MINA)- Bank Indonesia (BI) foreign exchange reserves rose to 115.671 billion U.S. dollars at the end of September from 113.538 billion U.S. dollars at the end of August as foreign capitals strongly flowed into the country, the lender said here on Friday.

“There were capitals flowing in (in September),” Xinhua quoted BI Deputy Governor Mirza Adityaswara as saying at the central bank headquarters.

Capitals have started flowing in since the government launched a tax relaxation program in July.

Perry Warjiyo, another deputy at the bank, has revealed the country’s economic recovery and a better fiscal position has boosted confidence from tax payers to declare and repatriate a huge amount of assets.

Also Read: Bank Indonesia Bans Virtual Currency as Means of Payment

BI Governor A,gus Martawordojo has said the country’s foreign exchange reserves could increase to over 150 billion U.S. dollars at the end of next year, in part due to the tax amnesty program.

Rupiah has gained about 6 percent against U.S. dollar this year and was at the level of 13,002 per one U.S. dollar on Friday, according to the bank website. (T/R07/R01)

Mi’raj Islamic News Agency (MINA)