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Jakarta Post

Indonesia's forex reserves drop from record high

  • Adrian Wail Akhlas

    The Jakarta Post

Jakarta   /   Sat, March 7 2020   /  02:12 am

Indonesia's foreign exchange (forex) reserves fell to US$130.4 billion in February after the government paid its foreign debts, Bank Indonesia (BI) announced Friday.Foreign reserves stood at $131.7 billion in January, which was the second-highest level in Indonesia's history after the $131.9 billion booked in January 2018.February’s figure is enough to support 7.4 months of imports and payments of the government’s short-term debts and is above the international adequacy standards of about three months of imports.“Bank Indonesia considers this enough to support external sector resilience and maintain macroeconomic and financial system stability,” the central bank wrote in a statement.“Going forward, we see the reserves as adequate, supported by a stable and solid domestic economic outlook.”However, risks loom as the country is expected to face heavy foreign outflows in the fut...