Indonesia’s position was relatively stable compared to the end of July, when its foreign exchange reserves also stood at US$132.2 billion, it added.
In an official statement released in Jakarta on Wednesday, Executive Director and the Head of BI’s Communications Department, Erwin Haryono, said the development of the foreign exchange reserve position was influenced, among others, by tax and service receipts, as well as oil and gas foreign exchange receipts amid the need for stabilization of the rupiah exchange rate in line with the high uncertainty in global financial markets.
The foreign exchange reserve position last month was equivalent to financing 6.1 months of imports or 6.0 months of imports and servicing the government’s external debt, and was above the international adequacy standard of around three months of imports.
According to the BI, the foreign exchange reserves in August were able to support external sector resilience and maintain macroeconomic and financial system stability.
Going forward, Bank Indonesia views foreign exchange reserves as adequate, supported by the maintenance of economic stability and prospects, in line with various policy responses for maintaining macroeconomic and financial system stability to support national economic recovery.
Minister of Finance, Sri Mulyani Indrawati, said earlier that tax revenues until July 2022 reached Rp1,028.5 trillion, up 58.8 percent from Rp647.7 trillion recorded in the same period of last year.
The realization of tax revenues of Rp1,028.5 trillion, or 69.3 percent of the target of Rp1,485 trillion, included non-oil and gas income tax (PPh) of Rp595 trillion or 79.4 percent of the target as well as value-added tax (VAT; PPN in Indonesian) and luxury tax (PPnBM) of Rp376.6 trillion or 59.1 percent of the target.
It further included land and building tax (PBB) and other taxes of Rp6.6 trillion or 20.5 percent of the target, and oil as well as oil and gas income tax (PPh) of Rp49.2 trillion or 76.1 percent of the target.
The performance of the tax revenue was influenced by the trend of increasing commodity prices, expansionary economic growth, a low base in 2021 due to the provision of fiscal incentives, and the impact of the implementation of the voluntary disclosure program (PPS).
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Translator: Agatha O, Azis Kurmala
Editor: Sri Haryati
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