Indonesia`s forex reserves up to US$120.7 billion in December 2018

Indonesia`s forex reserves up to US$120.7 billion in December 2018

File Photo - Foreign exchange in Indonesia. (ANTARA /Sigid Kurniawan)

Jakarta (ANTARA News) - Indonesia`s foreign exchange reserves rose to US$120.7 billion at the end of December 2018 from US$117.2 billion a month earlier, according to the central bank.

The foreign exchange reserves equaled 6.7 months of imports or 6.5 months of imports and government debt repayments and exceeded the international adequacy standard of 3 months of imports, Executive Director of Communication Department of Bank Indonesia (BI) Agusman said in a written statement released on Tuesday, Jan 8.

BI considered the foreign exchange reserves capable of supporting the resilience of the external sector and maintaining the stability of macro economy and financial system.

The increase in the foreign exchange reserves was particularly fueled by receipts from the government`s share of oil and gas exports, the issuance of global bonds and the withdrawal of the government`s foreign loans.

Looking ahead, BI believed the foreign exchange reserves will remain adequate, supported by confidence in the stability and good prospect of the domestic economy and the positive performance of exports.

Reporting by Ahmad Buchori
Editing by Suharto
 

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