JAKARTA – Bank Indonesia (BI) recorded foreign exchange (forex) reserves of USD 146.4 billion as of December 2023, shifting 5.7% from USD 138.1 billion in November 2023.

Erwin Haryono, Assistant Governor of Department of Communication of BI said that the increased forex reserves are led by tax and service income, as well as foreign loan withdrawn by the government. “The forex reserves may support resiliency of external sector and maintaining macroeconomic stability, including financial system,” he added in the press release in Jakarta today (8/1).

According to Haryono, the current government’s forex reserves may cover 6.7 months of import or 6.5 months of import plus foreign loans. In addition, the forex reserves arrive above the government’s adequacy standard of approximately 3 months of import.

Haryono further reaffirmed that the forex reserves will continue to suffice. Moreover, as of now, the economic prospects are more sustained following the response towards the government’s policy mix.

“The government maintains neutrality of macroeconomy and financial system in order to support the growth and financial standards,” he added. (LK/ZH)