Indonesia’s foreign exchange reserves decrease to 137.1 bln USD in March

Jakarta (Indonesia Window) – Indonesia’s foreign exchange reserves in March 2021 reached 137.1 billion U.S. dollars, a slight decline compared to 138.8 billion U.S. dollars in February 2021, according to an official of the Indonesian central bank.

Head of the Communication Department of the central bank, Bank Indonesia, Erwin Haryono said in a statement here Wednesday that the foreign exchange reserves are equivalent to financing 10.1 months of imports or 9.7 months of imports and servicing government foreign debts.

The spokesman of Bank Indonesia (BI) said the position of foreign exchange reserves in March 2021 was above the international adequacy standard of around three months of imports.

Erwin said the foreign exchange reserves are capable of supporting external sector resilience and maintaining macroeconomic and financial system stability.

He added that the decline in the position of foreign exchange reserves was mainly influenced by the payment of government external debts.

According to BI, foreign exchange reserves would remain adequate as they are driven by stability and a maintained economic prospect in line with policy responses to promote efforts to recover the economy.

Reporting by Indonesia Window