JAKARTA. The Executive Director and Head of the Communication Department of Bank Indonesia (BI), Erwin Haryono, states that the Government Global Bond issuance and tax income have driven Indonesia’s foreign exchange (forex) reserves upward by 0.51% to USD 137.1 billion in June 2021.
Haryono further adds that the forex reserves in May 2021 were still at USD 136.4 billion, thus increasing by USD 0.7 billion month-on-month (MoM). The forex reserves in June equal 9.2 months of import funds or 8.8 months of import budget plus the government’s foreign debt settlement funds, Haryono admits earlier today (7/7).
This gain surpasses the international adequacy standard, which is worth the budget for three months of import activities. BI is also confident that the current forex reserves could maintain the sustainability of the external sector and stabilise the macroeconomy and financial system. (AM/ZH)