The Jakarta Post
Indonesia’s foreign exchange (forex) reserves declined by around US$100 million month-on-month in November to $133.6 billion because of the government’s foreign debt payments among other factors, Bank Indonesia (BI) announced on Monday.
“Bank Indonesia is of the view that the foreign exchange reserves are adequate, supported by stability and a positive outlook for the economy, in line with various policy responses to push for economic recovery,” the central bank said in a statement.
The government faced the formidable task of borrowing more than Rp 1 quadrillion ($70.12 billion) this year to cover the budget deficit of 6.34 percent as it rolls out a Rp 695.2 trillion stimulus package intended to rescue an economy reeling from the pandemic.
The current reserves level is estimated to be enough to cover 9.5 months of imports and government debt repayments, BI said, adding that this was above the international standard of three months of imports.