The increase in foreign exchange reserves had particularly resulted from nongas/nonoil exports, which had exceeded the need for funds to repay government foreign debts.Jakarta (ANTARA News) - Indonesias foreign exchange reserves stood at US$107.7 billion at the end of June 2014, up from US$107 billion a month earlier, according to Bank Indonesia.
"The increase in foreign exchange reserves had particularly resulted from nongas/nonoil exports, which had exceeded the need for funds to repay government foreign debts," Director of Bank Indonesia Communication Department Peter Jacobs said here on Monday.
Meanwhile, the need for foreign exchange reserves to intervene in the money market to stabilize the rupiah can be coped with an increase in time deposits at different banks in the country.
The countrys foreign exchange reserves at the end of June 2014 were enough to finance imports for 6.2 months and government debt repayments.
The foreign exchange reserves were above the international adequacy standard of 3 months of imports.
Bank Indonesia said the increase in foreign exchange reserves also had a positive impact on the effort to strengthen the external sector and maintain the continuity of economic growth in the future.(*)
Editor: Heru Purwanto
Copyright © ANTARA 2014
