Indonesia’s Foreign Exchange Reserve Rise to US$130.5 Billion in May

JAKARTA, LELEMUKU.COM - Indonesia’s foreign exchange reserve rose from US$127.9 billion in April to US$130.5 billion in May 2020.

Based on a release from the central bank, Bank Indonesia (BI), the reserve is equal to 8.3 months’ worth of imports or 8 months of import and payment for the Government’s foreign debts. The figure is also above the international adequacy standards of about 3 months’ worth of imports.

“Bank Indonesia considers the foreign exchange reserve will be able to support the external sector resilience and maintain the stability of macroeconomic and financial system,” the release reads.

Withdrawal of the Government’s external debt and increased forex levels stored at Bank Indonesia contributed largely to the increase in May 2020.

“In the future, Bank Indonesia deems the foreign exchange reserve remain adequate, supported by stability and positive outlook of the economy,” Bank Indonesia states. (BI/EN)