"The increase in the foreign exchange reserves was primarily due to foreign exchange earnings from oil and gas exports and foreign portfolio capital inflows, which reflected investors positive perception of the economic fundamentals of Indonesia," executive director of Bank Indonesias communication department Tirta Segara said in a press release on Friday.
The foreign exchange reserves at the end of May were enough to finance 6.2 months of imports or 6 months of imports and payments of government foreign debts.
He said the May 2014 foreign exchange reserves exceeded the international adequacy standard of 3 months of imports.
"Bank Indonesia believes that the increase in foreign exchange reserves will have a positive impact on the effort to strengthen the external sectors resilience and ensure the continuity of the Indonesian economy in the future," he said.(*)