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View all search resultsForex reserves slide for third month
JAKARTA: Bank Indonesia (BI) says Indonesia’s foreign exchange (forex) reserves have slid for a third month as the central bank continues to defend the rupiah against surging foreign-fund outflows
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J
AKARTA: Bank Indonesia (BI) says Indonesia’s foreign exchange (forex) reserves have slid for a third month as the central bank continues to defend the rupiah against surging foreign-fund outflows.
Reserves were US$111.32 billion as of the end of November, down from $113.96 billion in October, $114.5 billion in September and a record high of $124.64 billion in August, the central bank announced on its website on Tuesday.
The rupiah saw its steepest monthly decline since 2009 in November, dropping 3.5 percent to Rp 9,170 to the US dollar on massive corporate
demand as the year-end approaches and on withdrawals from the local
equity and debt markets by foreign investors amid a weakening global economy.
“BI will be in the market. We will stabilize the rupiah exchange rate by purchasing forex and government bonds. And our forex reserves are enough,” BI economic and monetary policy research chief Perry Warjiyo
said.
