REPUBLIKA.CO.ID, JAKARTA -- The Indonesian government is formulating a policy to boost the country's foreign exchange reserves, Finance Minister Bambang Brodjonegoro stated.

"The vice president had summoned us. In essence, he wants to see more foreign exchange coming into Indonesia, and so, we are thinking of ways to facilitate exports," the minister noted after attending a coordination meeting with Vice President Jusuf Kalla and Coordinating Minister for Economic Affairs Darmin Nasution here on Tuesday.

One of the efforts to boost foreign exchange reserves is issuing letters of credit (L/C), he remarked.

"We have issued a regulation regarding L/Cs. So, it (the regulation) will also be reviewed as L/Cs can also bring more foreign exchange earnings from our exports to our banking system," he pointed out.

By raising the foreign exchange reserves, exports will increase, and the export earnings can be used to improve the banking industry, he stated.

Brodjonegoro noted that the country's foreign exchange reserves are currently quite safe as they are still adequate to finance imports for six months.

"So, this is a normal standard. They are still enough to finance imports for six months," he claimed.

Governor of Bank Indonesia (BI) Agus Martowardojo remarked on Tuesday that the country's foreign exchange reserves fell to US$103 billion as of Tuesday, compared to US$105.3 billion in August.

However, the figure has not yet been fixed, he added.

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