JAKARTA. Indonesia's foreign exchange (forex) reserves dropped to US$135.2 billion in September 2020, down by US$1.8 billion from an all-time record of US$137 billion in August.
According to Bank Indonesia (BI) Head of Communications Onny Widjanarko, the forex reserves drop was influenced by government external debt payments and the need to stabilise the rupiah exchange rate amid the high level of uncertainty in global financial markets.
Indonesia's forex reserves in September were equivalent to the financing of 9.5 months of import, or 9.1 months of import and government external debt payments. The figure was also above the international adequacy standard of around three months of import.
"Bank Indonesia considers that the foreign exchange reserves are capable of supporting external sector resilience and maintaining macroeconomic and financial system stability," Mr Widjanarko said in a press release on Wednesday (7/10). (AM/MS)