Jakarta (ANTARA) - Indonesia's foreign exchange reserves rose, from US$135.1 billion in July to $137 billion in August 2020, Executive Director of Bank Indonesia's (BI's) Communication Department Onny Widjanarko noted in a statement here, Monday.

August’s reserve level is estimated to be sufficient to support 9.4 months of imports or nine months of imports and payments of the government's external debts. It is considered to be above the international adequacy standard of some three months’ worth of imports, he pointed out.

The central bank assessed that foreign exchange reserves were able to support resilience of the external sectors and maintain macroeconomic and financial stability, Widjanarko stated.

Widjanarko attributed the increased foreign exchange reserves in August to withdrawals of the government's external loans as well as tax and oil and gas revenues.

BI views that the country's foreign exchange reserves will suffice in future. The condition is supported by well-maintained economic prospects and stability as an outcome of various policies adopted to encourage economic recovery, he remarked.
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Translator: A.Buchori, Rahmad Nasution
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