By : Made Adrian Wail Akhlas
Source : The Jakarta Post
Indonesia’s foreign exchange (forex) reserves rose to US$129.2 billion in December, the highest level in 22 months, driven by inflows from the oil and gas sector and global bonds issuance, Bank Indonesia (BI) announced Wednesday.
The current reserves level, which indicated a $2.6 billion increase from the previous month, is enough to support 7.6 months of imports and 7.3 months of imports and payments of the government’s short-term debt. It was above the international adequacy standards of about three months of imports.
The central bank deemed the current reserve level “strong enough” to support the country’s resilience to external factors, as well as to maintain macroeconomic and financial system stability, BI spokesman Onny Widjanarko said in a statement.