Indonesia`s Forex Reserves Up to $121.8 Billion

Indonesian forex reserves up by USD 1.9 billion

Jakarta, 11 Rajab 1438/08 April 017 (MINA) – Indonesias foreign exchange reserves rose US$1.9 billion to US$121.8 billion as of March 2017 due in part to the issuance of US dollar-denominated sharia compliant global bonds (sukuk) early this year.

“Foreign exchange reserves at the end of February 2017 stood at US$119.9 billion,” Deputy Senior Governor of Bank Indonesia (BI) Mirza Adityaswara said here on Friday.

The government earned US$3 billion or Rp40 trillion from the issuance of global sukuk at the end of March 2017, he said.

According to BI, the increase in the countrys foreign exchange reserves was also fueled by tax receipts and foreign exchange earnings from the export of oil and gas of the governments portion and proceeds from the auction of Bank Indonesia Securities (SBBI) in foreign currency.

The foreign exchange earnings exceeded demand for foreign exchange to repay the governments foreign debts and SBBI in foreign currency which became due.

The central bank also said the foreign exchange reserves as of March 31, 2017 are enough to finance imports for 8.9 months and imports and government debt repayments for 8.6 months.

BI said the foreign exchange reserves also stay above the international adequacy standard of 3 months.

It also believed the foreign exchange reserves will be able to support the external sectors resilience and maintain the country’s economic growth which stood at 5.02 percent last year. (T/RS5/RS1)

Mi’raj Islamic News Agency (MINA)