"The increase in the amount of foreign exchange mainly came from the governments oil and gas exports and the increase in banks forex deposit savings at Bank Indonesia (BI/the central bank)," Peter Jacobs, the director of Communications Department of BI, said here on Friday.
He also noted that the amount of forex from oil and gas exports and deposits at BI exceeded the amount of external debt payments and forex interventions for stabilizing the rupiah's value.
The amount of forex reserves at the end of October could finance 6.6 month imports or 6.4 month imports. plus the governments external debt installments. The position of the reserves is also at the international adequacy standard of three months of imports.
"The central bank is of the view that the increase in forex reserves has had a positive impact on the resilience of the external sector and preserved the continuation of Indonesias economic growth," Peter said.
As of the end of September, Indonesias foreign exchange reserves fell US$60 million from US$111.224 billion one month earlier.
The position of the countrys foreign exchange reserves was relatively stable in September, Executive Director of Communications Department of Bank Indonesia, Tirta Segara, said last month.
Tirta attributed the decline to repayments of foreign debts and market intervention by the central bank to protect the rupiah.
The central bank has bought US dollars to protect the rupiah from a sharp fall.
Tirta said foreign exchange revenues from the sales of global sharia bonds, and exports and increases in foreign exchange deposits in Indonesian banks, were not enough to offset the decline caused by the debt repayment.
The reserves, as of the end of September, were enough to finance imports and service foreign debts for 6.5 months, or still above the international adequacy standard of 3 months, he said.
"BI considers the developments in the foreign exchange reserves as positive and guaranteeing the sustainability of the countrys economic growth," he said.(*)
Editor: Heru Purwanto
Copyright © ANTARA 2014
