Currently Indonesia has US$92.67 billion in foreign exchange reserves , after shrinking to its lowest since Nov. 2010.Jakarta (ANTARA News) - Bank Indonesia (BI) said the country`s foreign exchange reserves are strong enough to sustain pressure on the country`s balance of payments.
Steps, however, are needed to ward off and forestall the impact of economic turbulence, BI spokesman Difi A Johansyah said after a meeting of the BI board of governors on Thursday.
Currently Indonesia has US$92.67 billion in foreign exchange reserves , after shrinking to its lowest since Nov. 2010.
The amount is still enough to cover imports and service foreign debts for 5.1 months.
The country`s foreign exchange reserves have continued to decline over the past several months partly on big spending by BI in market operation to keep rupiah from falling too deep.
"The pressure is still strong and uncertainty still prevails over global economy," Difi said.
Stronger foreign exchange reserves would be maintained to serve as a second line defense to cushion the impact of the global crisis, he said.
BI, therefore, has decided to seek cooperation with central banks of other countries in launching monetary policy and maintaining financial system stability.
BI already signed extension of Bilateral Swap Arrangement (BSA) worth US$12 billion with Bank of Japan as an agent of Japan`s finance minister to be effective on 31 August, 2013.
"Discussion on similar cooperation is in progress with central banks of other regional countries," Difi said. (*)
Editor: Heru Purwanto
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