JAKARTA - Despite the uncertain condition due to the COVID-19 pandemic, Bank Indonesia (BI) still managed to record growth in foreign exchange reserves in June 2020 to US$ 131.7 billion, from its record in May 2020 of US$ 130.5 billion. With more reserves, Indonesia's import financing ability is better.
Onny Widjanarko, Executive Director of the Communication Department of Bank Indonesia said that Indonesia's current foreign exchange reserve level is equivalent to 8.4 months of import financing or 8.1 months of imports and government external debt payments.
According to Widjanarko, the growth in foreign exchange reserves was mainly caused by the issuance of the government's global sukuk. The level of foreign exchange reserves, he said, would remain adequate with maintained stability and economic outlook. "BI believes that our foreign exchange reserves are able to support our external resilience and also our macroeconomic and financial system stability," he said. (LK/AR)