Indonesia's foreign exchange reserves at US$130.4 billion in February

Indonesia's foreign exchange reserves at US$130.4 billion in February

Headquarters of Bank Indonesia in Jakarta. (ANTARA/Puspa Perwitasari/h-fdh)

Jakarta (ANTARA) - Indonesia's foreign exchange reserves at the end of February 2020 were recorded at US$130.4 billion, or stayed high though lower than $131.7 billion in late January.

"The position of foreign exchange reserves is equivalent to financing 7.7 months of imports or 7.4 months of imports and payment of government foreign debt, and is above the international adequacy standard of about three months of imports," Executive Director of the Department of Communication of Bank Indonesia (BI) Onny Widjanarko noted in a press release here on Friday.

BI considered the foreign exchange reserves to be able to support external sector resilience and maintain macroeconomic and financial system stability.

The decline in foreign exchange reserves in February 2020 was partially influenced by the payment of government foreign debt.

BI expects foreign exchange reserves to remain adequate later, supported by stability and a favorable economic outlook.

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