Indonesia Forex Reserves Up US$500 Million in January to USD 116.9 Billion

BI Executive Director of Communication Department Tirta Segara.

Jakarta, 11 Jumadil Awwal 1438/08 February (MINA) – Indonesias foreign exchange reserves in the year ended on January 31, 2016, rose US$500 million to $116.9 billion from $116.4 billion a month earlier, Bank Indonesia (BI) said.

The foreign exchange reserve hike was fueled by export tax, foreign exchange earnings from oil and gas exports, and proceeds from the auction of Bank Indonesia Securities (SBBI), Antara qoted BI Executive Director of Communication Department Tirta Segara, as saying in a written statement released on Tuesday.

The foreign exchange reserves would able to support the country’s resistance to global effect and maintain the Indonesian economic growth, he said.

He added that the foreign exchange reserves were enough to finance 8.7 months of imports, or 8.4 months of imports and foreign debt repayments.

“The foreign exchange reserves are above the international adequacy threshold of three months of imports,” he noted (T/RS05/RS01)

Mi’raj Islamic News Agency (MINA)