Indonesia`s forex reserves up US$4.57 billion to $127.7 billion

Jakarta (ANTARA News) - Indonesias foreign exchange reserves rose by US$4.67 billion to $127.76 billion as of late July 2017 from S$123.09 billion a month earlier, according to Bank Indonesia (BI).

The increase was fueled by foreign exchange earnings from the issuance of the governments global bonds, tax receipts, oil and gas exports, and an auction of foreign currency-denominated BI securities (SBBI), Executive Director of BI Communication Department Agusman said in a press statement released on Monday.

The foreign exchange reserves outstrip the countrys need for foreign exchange earnings, particularly to repay the governments foreign debts and SBBI, which will become due, he stated.

"The central bank is of the view that the foreign exchange reserves are able to support the external sectors resilience and maintain the countrys sustainable economic growth in the future," he noted.

The foreign exchange reserves are enough to finance nine months of imports or 8.7 months of imports and repayment of the governments foreign debts, he remarked.

The reserves also stay above the international adequacy standard of three months of imports. (*)