REPUBLIKA.CO.ID, JAKARTA - Bank Indonesia (BI) recorded that export tax had boost foreign exchange reserves in Indonesia, from 97 billion USD in November 2012 to 99.4 billion USD in November 2013. Director of Communication Department in BI, Peter Jacobs said that export tax, especially from oil and gas sector, had the lion's share to the increase.

"The export tax from oil and gas comes in some forms, including foreign exchange term deposit," Jacobs said on Thursday.

He believes that foreign exchange reserves will keep increasing due to world economic recovery. Indonesian partner countries showed economic recovery which in turn open the door of opportunity for Indonesian export.

Government securities in foreign exchanges also contributed to the increase in foreign exchange reserves. Government has sold government bonds (SUN) in foreign currency (USD) worth four billion USD. Total bids for the government bond reached 17.5 billion USD. This transaction is part of global medium term notes worth 25 billion USD. 

Jacobs said that the accumulation of foreign exchange reserves would strengthen external economic sector resilience. The increase is the impact from BI policies aims to stabilize current account deficit and exchange rates.

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