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Indonesia’s forex reserves total $124.96 billion in May
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The Rupiah and the US Dollar notes are arranged side by side in a bank. Indonesia’s foreign exchange (forex) reserves settled at US$124.96 billion in May, Bank Indonesia says, (Antara/Rosa Panggabean)
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ndonesia’s foreign exchange (forex) reserves hit another record high since at least 2015 in May, climbing to US$124.96 billion, data released by Bank Indonesia (BI) on Thursday shows.
The reserves earlier peaked at $123.25 billion in April, the most since two years ago.
The rise was mainly supported by forex earnings from taxes, oil and gas exports and a BI auction of foreign exchange securities (SBBI), among other factors.
(Read also: Indonesia maintains upward trend in forex reserves)
"Bank Indonesia is of the view that the forex reserves figure is able to support [the country's] external sector and to maintain Indonesia's continuing economic growth going forward," the central bank's official statement reads.
The May figure is sufficient to cover 8.9 months of the country’s imports, or 8.6 months of imports and the repayment of the government's debt.
Foreign inflows continue to enter the country’s financial system. It received about Rp 105 trillion ($7.8 billion) in foreign funds by May 12, much higher than the Rp 65 trillion recorded in the same period last year, according to BI. (lnd)
