The foreign exchange reserve position was equivalent to financing 8.3 months of imports or 8.1 months of imports and servicing the government's foreign debt, head of the BI's communications department, Erwin Haryono, said in a statement issued in Jakarta on Tuesday.
The position of the foreign exchange reserves is above the international adequacy standard of about three months of imports, he noted.
"Bank Indonesia considers the foreign exchange reserves to be able to support external sector resilience and maintain macroeconomic and financial system stability," he added.
He explained that the increase in the position of foreign exchange reserves in November 2021 was influenced, among other things, by tax and service receipts as well as the withdrawal of government foreign loans.
Going forward, Bank Indonesia expects foreign exchange reserves to remain adequate, supported by stable economic prospects, and maintained in line with various policy responses to promote economic recovery, he said.
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Translator: Satyagraha, Azis Kurmala
Editor: Sri Haryati
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