KONTAN.CO.ID - JAKARTA. Foreign exchange reserves strengthened in March to US$124.5 billion, up from $123.3 billion in the previous month, on the back of improved foreign exchange earnings from the oil and gas sector, Bank Indonesia (BI) reported on Monday. The central bank said in a statement that the latest foreign exchange reserves were equal to seven months of imports or 6.8 months of imports and the payment of the government’s short-term external debt, both of which were well above international adequacy standards of around three months of imports. “BI sees the foreign exchange reserves as being able to support the resiliency of the external sector while maintaining macroeconomic and financial system stability,” said BI spokesman Onny Widjanarko in the statement.
Foreign exchange reserve up to US$124.5 billion in March
KONTAN.CO.ID - JAKARTA. Foreign exchange reserves strengthened in March to US$124.5 billion, up from $123.3 billion in the previous month, on the back of improved foreign exchange earnings from the oil and gas sector, Bank Indonesia (BI) reported on Monday. The central bank said in a statement that the latest foreign exchange reserves were equal to seven months of imports or 6.8 months of imports and the payment of the government’s short-term external debt, both of which were well above international adequacy standards of around three months of imports. “BI sees the foreign exchange reserves as being able to support the resiliency of the external sector while maintaining macroeconomic and financial system stability,” said BI spokesman Onny Widjanarko in the statement.