Indonesia’s foreign exchange reserves reached US$137.3 billion by the end of July 2021, or increased from US$137.1 billion in June 2021, according to Bank Indonesia (BI).

The level of foreign exchange reserves was deemed equivalent to financing 8.9 months of imports or 8.6 months of imports and served the government’s foreign debt, BI’s Communication Department Head Erwin Haryono stated here on Friday.

“Bank Indonesia sees that the foreign exchange reserves are able to support the external sector security and maintain macroeconomy stability and the financing system,” he noted.

The position of foreign exchange reserves was above the international adequacy standard of about three months of imports, he remarked.

The increase in foreign exchange reserves in July 2021 was driven by realization of the government’s global bond issuance as well as tax and service revenues, Haryono explained.

BI had projected that foreign exchange reserves will remain sufficient in the near future, supported by stability and secured economic prospects following various responses to policies in bolstering economic recovery.

Source: Antara News