The central bank said the foreign exchange reserves were enough to cover imports and service foreign debts in 5.2 months.Jakarta (ANTARA News) - Bank Indonesia has announced that the country`s foreign exchange reserves rose to US$95.7 billion by the end of September from US$93 billion a month earlier.
The central bank said in a news release on Tuesday, the foreign exchange reserves were enough to cover imports and service foreign debts in 5.2 months.
Without debt servicing , the reserves would be enough to finance imports for 5.4 months, it added.
It attributed the increase in the foreign exchange reserves to the central bank policy in its attempts to maintain rupiah stability and coordination with the government in slashing current account deficit.
In addition, the government decision to issue sharia bonds in foreign currency to help bridge fiscal deficit also contributed to the rise in the country`s foreign exchange reserves, it said.
The foreign exchange reserve has been on the decline in the previous months on big spending by the central bank buying the national currency in a bid to keep it from sinking lower.
Last year, the Indonesian foreign exchange reserve peaked at around US$120 billion (*)
Editor: Heru Purwanto
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