The rising foreign exchange reserves came from foreign exchange receipts from oil and gas exports, new government loans and proceeds from the issuance of foreign currency-denominated Bank Indonesia Securities (SBBI), which far exceeded the need for foreign exchange to repay the governments foreign debts, executive director of the central banks communication department, Tirta Segara, said in a press statement released on Monday.
The foreign exchange reserves at the end of February were enough to finance 7.6 months of imports or 7.3 months of imports and to service governments foreign debt repayment, he said.
In addition, the foreign exchange reserves also exceeded international adequacy standard of three-month imports, he said.
Bank Indonesia believed the foreign exchange reserves will be able to support the resilience of the external sector and maintain sustainable economic growth in the future, he pointed out.(*)
Editor: Heru Purwanto
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