The October forex reserves were sufficient to cover the financing of 7.4 months of imports or 7.1 months of imports and the government's foreign loan payment, and stood above the international adequacy standards of some three months of imports, Executive Director of the Communication Department of Bank Indonesia (BI) Onny Widjanarko noted in a statement here on Thursday.
BI believed that the foreign exchange reserves are sufficient to support resiliency of Indonesia’s external sector as well as maintain stability of the macroeconomic and financial systems.
The forex reserves spike in October 2019 was attributable to the government's global bond issuance, oil and gas foreign exchange earnings, as well as earnings from other foreign exchanges.
BI is upbeat about foreign exchange reserves remaining adequate in future, with the support of economic prospects and stability, which is still good.
Related news: Indonesia's forex reserves dip to US$124.3 billion at 2019 Sept-end
Related news: Indonesia's forex reserves increase US$500 million in August
Related news: Rupiah weakens on declining forex reserves