Head of the BI Communications Department Erwin Haryono noted in a statement in Jakarta, Friday, that the foreign exchange reserves were equivalent to financing 8.5 months of imports or 8.3 months of imports and servicing the government's foreign debt.
In addition, Haryono remarked that the position of foreign exchange reserves is above the international adequacy standard of about three months of imports.
"Bank Indonesia considers the foreign exchange reserves to be able to support external sector resilience and maintain macroeconomic and financial system stability," he stated.
Erwin explained that the decline in the position of foreign exchange reserves in October 2021 was partly influenced by the payment of the government's foreign debt.
Looking ahead, BI views foreign exchange reserves to remain adequate, supported by stable economic prospects and maintained in line with various policy responses to promote economic recovery.
Related news: Indonesia's forex reserves swells to US$144.8 billion in August
Related news: New steel mill saves Rp29-trillion foreign exchange: President Jokowi
Related news: BNI offers plethora of benefits to Local Currency Settlement users
Translator: Satyagraha, Azis Kurmala
Editor: Sri Haryati
Copyright © ANTARA 2021
