JAKARTA - The position of Indonesia's foreign exchange reserves at the end of May 2022 remained high at USD 135.6 billion, relatively stable compared to the position at the end of April 2022 of USD 135.7 billion. The development of the foreign exchange reserve position in May 2022 was influenced, among other things, by oil and gas foreign exchange receipts, taxes and services, as well as the need for payment of government foreign debt.
The position of foreign exchange reserves is equivalent to financing 6.8 months of imports or 6.6 months of imports and servicing government external debt, and is above the international adequacy standard of around 3 months of imports. Bank Indonesia views the foreign exchange reserves as capable of supporting external sector resilience and maintaining macroeconomic and financial system stability.
Looking ahead, Bank Indonesia views that foreign exchange reserves will remain adequate, supported by stability and maintained economic prospects, along with various policy responses to promote economic recovery. (LM)