Foreign exchange reserves increase to US$134 billion in Nov

Foreign exchange reserves increase to US$134 billion in Nov

Illustration: An officer withdraws bundles of banknotes meant for distribution through branch offices and ATM machines at Pooling Cash Plaza Mandiri in Jakarta. (ANTARA PHOTOS/M Risyal Hidayat/foc)

Jakarta (ANTARA) - Indonesia’s foreign exchange reserves swelled to US$134 billion at the end of November 2022 from US$130.2 billion in October, Bank Indonesia (BI) reported on Wednesday.

The increase in the foreign exchange reserves in November was supported by tax and service revenues as well as oil and gas foreign exchange receipts, among other things, Executive Director of BI’s Communications Department Erwin Haryono said in an official statement issued in Jakarta on Wednesday.

The foreign exchange reserve level is equivalent to financing 5.9 months of imports or 5.8 months of imports and servicing the government's foreign debt, and is above the international adequacy standard of around three months of imports.

BI said that the foreign exchange reserves will support external sector resilience and help maintain macroeconomic and financial system stability.

Going forward, BI expects foreign exchange reserves to remain adequate, supported by maintained economic stability and prospects, along with policy responses for maintaining macroeconomic and financial system stability to support the process of national economic recovery.

Earlier, the Director General of Taxes at the Ministry of Finance, Suryo Utomo, said that the tax revenue realization as of Tuesday (December 6, 2022) had reached Rp1,580 trillion, exceeding the target of Rp1,485 trillion set for this year.

"This year, I got almost Rp1,600 trillion today, Rp1,580 trillion if I am not mistaken," he said during the 2022 DGT World Anti-Corruption Day commemoration in Jakarta on December 6.

The government, through Presidential Regulation (Perpres) Number 98 of 2022, has set a tax revenue target of Rp1,485 trillion for 2022, which means that the realization of Rp1,580 trillion has exceeded the target.

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