KONTAN.CO.ID - JAKARTA. There is a chance that foreign exchange reserves will increase by the end of 2024 compared to the level at the end of 2023, which was US$ 146.4 billion. UOB Bank Economist Enrico Tanuwidjaja calculates that Indonesia's foreign exchange reserves this year will be in the range of US$ 145 billion to US$ 155 billion. He revealed that this is driven by the potential strengthening of demand from Indonesia's main trading partner countries, which boosts exports.
In addition, there are sweet prospects from the movement of Indonesia's main export commodity prices, namely crude palm oil (CPO). “The prospect of CPO prices is promising this year,” explained Enrico in the Foreign Exchange Reserves report from UOB Bank's Macro Outlook February 2024 edition. In addition to strengthening export performance, Enrico also sees the impact of political stability after the election and the continuation of infrastructure development programs and the government's hilriisation will encourage foreign direct investment (FDI).