Foreign exchange reserve declines to US$118.3b in July
Marchio Irfan Gorbiano
The Jakarta Post
Indonesia’s foreign exchange reserve declined by US$1.5 billion to $118.3 billion in July, Bank Indonesia (BI) reported on Tuesday, lower than $119.8 billion reserve in June as the central bank continues its market intervention to prevent the rupiah from sliding further against the US dollar.
“The foreign exchange reserve decline in July was primarily due to payment of the government’s external debt and the effort to stabilize the rupiah amid high uncertainties in the global market,” BI spokesman Agusman said in a statement posted on the central bank’s website.
The foreign exchange reserve's latest figure was equivalent to payment of 6.9 months of imports or 6.7 months' payment of imports and the government’s external debt, still exceeding the international adequacy standards of three months of imports.
“Bank Indonesia views that the foreign exchange reserve was still able to support the external sectors’ resiliency and maintain macroeconomic and financial system stability,” said Agusman.
Agusman added that the central bank believed that the foreign exchange reserve would still be able to support the stability of the economy because the country’s outlook as well as export performance remain positive. (bbn)
- Jokowi’s surprise for Korea
- Here are 10 of the most populated cities in the world
- Merpati escapes bankruptcy, but no guarantee it will fly again
- UGM considers expelling alleged sexual abuser amid public pressure
- Prabowo plans Singapore-like taxes for Indonesia
- Jokowi ratifies seven trade agreements
- Lion Air: a deadly crash and a whole lot of questions for Boeing
- Teenagers boil sanitary pads to get high
- Palm oil waste-fueled generators produce electricity in Kutai
- Indonesia records US$1.82 billion trade deficit in October