Indonesia – BI: Foreign Exchange Reserves in August Rise to 128.8tn USD

TEMPO.COJakarta – Bank Indonesia (BI) recorded that the position of Indonesia foreign exchange reserves in August this year reached 128.8 trillion USD. This number is higher compared to the last position in July as much as US$127.8 trillion.

“The increase is especially influenced by foreign revenues from taxes, oil and gas exports, and a BI auction, as well as the auction of foreign exchange securities (SBBI),” BI spokesperson Agusman, said in Jakarta on Friday, Sept. 8.

The foreign exchange revenues, the central bank claimed, outweighed the needs for foreign exchange. Foreign exchange is particularly used to pay external debt and liabilities.

The foreign exchange reserves in August are enough to fund 8.9 or 8.6 months of imports and to pay external debt. In addition, the reserves outweigh the international adequacy standards for around three months of imports.

Source: https://en.tempo.co/read/news/2017/09/09/056907531/BI-Foreign-Exchange-Reserves-in-August-Rise-to-1288tn-USD