Indonesia’s forex reserves increase to 141.4 bln USD in February

The position of foreign exchange reserves was equivalent to finance 7.5 months of imports or 7.3 months of imports, and servicing government’s foreign debt — Illustration. (Pepi Stojanovski on Unsplash)

9 March 2022

Jakarta (Indonesia Window) – Indonesia’s foreign exchange reserves stood at 141.4 billion U.S. dollars as of the end of February 2022, or increased from 141.3 billion dollars as of the end of January 2022, according to the central bank, Bank Indonesia (BI).

The increase was influenced, amongst others, by the government’s foreign loan withdrawal as well as tax and service revenues, BI’s Head of Communication Department Erwin Haryono said in a statement on Tuesday (March 8).

The position of foreign exchange reserves was equivalent to finance 7.5 months of imports or 7.3 months of imports, and servicing government’s foreign debt, and well above the international adequacy standard of three month imports, Erwin noted.

Bank Indonesia considers that the foreign exchange reserves position is able to support the external sector resilience and maintain the macroeconomic and financial system stability, he added.

The central bank views that the foreign exchange reserves remain adequate, supported by the stability and solid domestic economic outlook, in line with the policy responses to stimulate the economic recovery, he said.