"The increase in the foreign exchange reserves is obtained from the governments oil and gas exports, which exceed payments of the governments external debts," Executive Director of Communications Department of Bank Indonesia (BI/the central bank), Tirta Segara, said here on Friday.
The amount of foreign exchange reserves at the end of February could finance exports for 7 months, or 6.8 months of imports and external debt payments. The amount is also greater than the international adequacy standards for some 3 months of imports.
"The BI is of the view that the foreign exchange reserves could support the external sectors resilience and maintain the continuity of Indonesias economic growth in the future," Segara said.
At the end of last January, Indonesias foreign exchange reserves also increased from US$111.9 billion to US$114.2 billion.
The increase last January was supported by the issuance of the governments bonds, foreign exchange deposits of foreign banks at BI and other government receipts in foreign exchange, which exceeded the governments spending on its external debts.(*)
Editor: Heru Purwanto
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