The Jakarta Post
Bank Indonesia has reported that Indonesia`s foreign exchange reserves increased to US$131.9 billion as of late January, up from $130.2 billion in the previous month.
The increase was attributed to tax and foreign exchange receipts from the government`s share of oil and gas exports, the withdrawal of the government`s foreign loans and proceeds from the auction of foreign currency-denominated Bank Indonesia Securities (SBBI).
"The foreign exchange receipts are needed particularly to repay the government`s foreign debt and maturing SBBI in foreign currency," BI spokesman Agusman said on Wednesday, as reported by news agency Antara.
According to the central bank, the foreign exchange reserves are enough to finance 8.5 months of imports or 8.2 months of imports and government foreign debt obligations.
The foreign exchange reserves far exceed the international adequacy standard at around three months of imports.
BI said it believed the foreign exchange reserves would help maintain the positive trend in national economic growth. (bbn)