REPUBLIKA.CO.ID, JAKARTA -- Bank Indonesia (BI) has reported that Indonesian foreign exchange reserves at the end of July had increased by $1.6 billion to $111.4 billion, up from $109.8 billion in June this year.
The Governor of Indonesia's central bank Agus Martowardojo, briefly commented on Friday that the foreign exchange (forex) reserves until July 2016 would remain in a good condition.
The increase in forex reserves was a result, among others, of tax revenue and the government's oil and gas forex, also due to BI's Foreign Exchange Securities (SBBI) auction.
"The foreign exchange income is beyond the need of foreign debt payment and Bank Indonesia's Foreign Exchange?s Securities (SBBI) maturity," said the central bank's spokesperson Arbonas Hutabarat in an official statement.
The reserves are sufficient to finance 8.5 months of imports or 8.2 months of imports and government's foreign debt payments, with the reserve also being above the standard international adequacy for approximately three months of imports.
BI expects the forex reserve to help maintain external sector resilience to support and maintain the sustainability of economic growth in Indonesia in the future.
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