"The decline was due to foreign debt payments, foreign exchange earnings, and receipts of other foreign currencies," Executive Director of Communication Department of Bank Indonesia (BI) Onny Widjanarko said in a statement received in Jakarta on Wednesday.
Widjanarko remarked that foreign exchange reserves were equal to 6.8 months of imports and foreign debt payments.
In addition, the foreign exchange reserves were still above the international standards of three months of imports," Widjanarko pointed out.
Nevertheless, he believed foreign exchange reserves could still support the country’s market resilience from external pressures, as well as safeguard macroeconomic and financial system stability.
Widjanarko believed that foreign exchange reserves would remain adequate, supported by confidence in the stability and good prospects of the domestic economy, and the positive performance of exports.
Based on data, the decline in April was the first one since January.
Foreign exchange reserves were recorded at US$120.1 billion in January, US$123.3 billion in February and US$124.5 billion in March.