Tax and services raised Indonesia’s forex reserves in July 2023
JAKARTA. Tax income and services have brought Indonesia’s foreign exchange (forex) reserves back up at the end of July 2023, reaching USD 137.7 billion. It once dropped to USD 137.5 billion in June 2023.
According to the press release today (7/8), Head of Communication Department of Bank Indonesia (BI), Erwin Haryono, reports that the increase in forex reserves is supported by tax income and services.
Based on Haryono’s explanation, the forex reserves at the end of July 2023 are equal to 6.2 months import, or 6.0 months of import plus the government’s foreign debt payment. “The forex reserves managed to sustain the resilience of the external sector, as well as maintaining the stability of macroeconomy and financial system,” he added.
Haryono also mentioned that the domestic forex reserves will continue to suffice with the support of well-maintained economic stability and prospects. (AM/ZH)