Indonesia's forex reserves increase US$500 million in August

Indonesia's forex reserves increase US$500 million in August

Bank Indonesia Building in Jakarta. (ANTARA/Azis Kurmala)

The foreign exchange reserves rose in August 2019 mainly owing to an increase in foreign exchange earnings from oil and gas and other foreign exchange earnings.
Jakarta (ANTARA) - Indonesia's foreign exchange reserves increased US$500 million to $126.4 billion at the end of August 2019, from $125.9 billion a month earlier, according to Bank Indonesia (BI).

"The foreign exchange reserves rose in August 2019 chiefly due to an increase in foreign exchange earnings from oil and gas and other foreign exchange earnings," Director of the BI Communication Department Junanto Herdiawan noted in an official statement released on Friday.

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The foreign exchange reserves are sufficient to finance imports for 7.4 months or imports and payments for the government's foreign debts for 7.1 months and exceed the international adequacy standard of some three months of imports.

The central bank believes that the foreign exchange reserves are able to support resilience of the external sector and maintain macroeconomic stability and financial system.

Looking ahead, BI is upbeat of the foreign exchange reserves remaining adequate, supported by better economic stability and prospect.

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