Indonesian Foreign Exchange Reserves Rises in February 2017

Bank Indonesia headquarters.

Jakarta, 09 Jumadil Akhir 1438/08 March 2017 (MINA) – Indonesia’s official reserve assets position stood at US$119.9 billion as of end-February 2017, higher than the end of January 2017 level registered at US$116.9 billion, Bank Indonesia (BI) said on Tuesday.

The increase was primarily attributable to foreign exchange receipts, among other from tax revenues and government oil & gas export proceeds, withdrawal of government foreign loans, as well as auction of Bank Indonesia foreign exchange bills.

The receipts surpassed the use of foreign exchange for repayments of government external debt and Bank Indonesia foreign exchange bills matured during the period.

The reserve asset position at the end-February 2017 adequately covered 8.9 months of imports or 8.5 months of imports and servicing of government external debt repayments, well above the international standards of reserves adequacy at 3 months of imports.

Bank Indonesia considers the official reserve assets are able to strengthen the resilience of the external sector and maintain the sustainability of Indonesian economic growth. (T/RS05/RS01)

Mi’raj Islamic News Agency (MINA)