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Jakarta Post

Indonesia’s forex reserve increase in December fuels optimism

  • Prima Wirayani and Grace D. Amianti

    The Jakarta Post

Jakarta   /   Tue, January 10 2017   /  12:11 am

 Indonesia recorded a US$10.5 billion year-on-year increase in its foreign exchange (forex) reserves in December, paving the way for optimism that bigger reserves will follow in the first quarter of this year on the back of the tax amnesty.Bank Indonesia (BI) announced on Monday that the country’s forex reserves stood at $116.4 billion in December, growing by 10 percent compared to the December 2015 figure of $105.9 billion. On a month-on-month basis, it increased by $4.9 billion from $111.5 billion in November 2016.The northward move was driven by tax revenues, government global bonds issuance, government foreign loan withdrawal and oil and gas export proceeds, whose combined amount exceeded the government’s external debt repayments and matured BI’s foreign exchange securities (SBBI), according to an official statement from the central bank.“The reserves increase was alread...