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Foreign exchange reserves slid to US$124.9 billion in April
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A customer flashes United States dollars at a money exchange in Jakarta in March. (Antara/Sigid Kurniawan) (Antara/Sigid Kurniawan)
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ndonesia’s foreign exchange reserves stood at US$124.9 billion in April, lower than the $126 billion recorded a month earlier, Bank Indonesia (BI) announced on Tuesday as it continued to intervene in the market to stabilize the rupiah against a stronger United States dollar.
“The decline in foreign exchange reserves in April 2018 was mainly due to the use of foreign currencies to pay the government’s foreign debt and the stabilization of the rupiah exchange rate amid global financial market uncertainty, which remains high,” BI said in a statement on its website.
According to BI, the current level of reserves remains adequate to finance 7.7 months of imports or 7.4 months of imports and the government’s foreign debt payments. The level was well above the international adequacy standards of around three months of imports.
“The foreign exchange reserves are able to support the strength of [the country’s] external sector as well as maintain macroeconomic and financial system stability,” BI spokesperson Agusman said in the statement.
Read also: Exports and tourism can strengthen rupiah: BI
Going forward, the central bank believes the foreign exchange reserves will still be able to withstand external shocks as the country’s economic outlook and export performance remain positive. (gda)
