The number indicated a $4.23 billion increase compared to November 2017, due to the receipt of the issuance of global bonds, as well as taxes and foreign exchange of government oil and gas exports.
The outlook for foreign exchange reserves exceeded the demand for it, especially for the government`s foreign debt repayments and the Bank of Indonesia foreign currency securities that have reached its due date, Executive Director of the Communication Department of Bank Indonesia Agusman stated in Jakarta on Monday.
"The position of foreign reserves at the end of December 2017 is sufficient to finance 8.6 months of imports, or 8.3 months of imports and settlement of the government`s foreign debt. It is also above international sufficiency standards of about three months of imports," he noted.
The Central Bank will continue to maintain the adequacy of foreign exchange reserves in order to maintain macroeconomic stability and financial system. This is also supported by improvements in domestic economic conditions, export performances, and conducive global financial markets, he remarked.