Indonesia`s foreign exchange reserves down US$1 billion

The drop was caused due to increased spending for paying off the government`s foreign debts and efforts to stabilize the rupiah exchange rate.
Jakarta (ANTARA News) - Indonesias foreign exchange reserves were recorded at US$100.7 billion, or dropped by US$1 billion until October from US$101.7 billion in September.

"The drop was caused due to increased spending for paying off the governments foreign debts and efforts to stabilize the rupiah exchange rate," Andiwiana, Bank Indonesias deputy director of the communications department, stated here on Friday.

Andiwiana noted that Bank Indonesia had and will always stay in the market to conduct efforts to stabilize the rupiah exchange rate to maintain the stability of macro economy and the financial system.

He remarked that the foreign exchange reserves were sufficient to finance 7.1 months of imports or 6.6 months of imports along with paying off the governments foreign debts. The foreign exchange reserves were still above the international adequacy standard to finance imports for around three months.

"Bank Indonesia believes that the foreign exchange reserves can support the resilience of the external sector and can maintain sustainable economic growth in the future," he pointed out.

By the end of September 2015, the countrys foreign exchange reserves were recorded at US$101.7 billion, which were lower than US$105.3 billion in August.(*)

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