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Jakarta Post

Indonesia’s forex reserves near record-high in December

  • Adrian Wail Akhlas

    The Jakarta Post

Jakarta   /   Fri, January 8, 2021   /  05:02 pm
The Jakarta Post Image
One hundred dollar notes are seen in this photo illustration. (AFP/Getty Images/Brendan Smialowski)

Indonesia’s foreign exchange reserves reached its second-highest annual record in December 2020, rising to US$135.9 billion, driven by tax collection and the government’s foreign borrowing, Bank Indonesia (BI) announced on Friday. The current reserves level was an increase of $2.3 billion from $133.6 billion in November and was estimated to be enough to cover 9.8 months of imports and payments of the government’s external debts, the central bank said. It was also above the international reserve adequacy standard of three months’ of imports. “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. In August 2020, Indonesia recorded its highest forex rese...