RI's Forex Reserves Decline by $400 Million to $117.9 Billion in August

Eko Nordiansyah    •    07 September 2018 20:12 WIB
indonesian economy (en)
RI's Forex Reserves Decline by $400 Million to $117.9 Billion in August
Illustration (Photo:MI/Panca Syurkani)

Jakarta: Indonesia’s foreign-exchange reserves stood at $117.9 billion in August 2018, decreasing by $0.4 billion compared to July 2018.

"The reserve asset position was equivalent to financing of 6.8 months of imports or 6.6 months of imports and servicing of government external debt," said Bank Indonesia (BI) in a written statement on Friday.

"It was still well above the international standard of reserve adequacy of 3 months of imports," the central bank added.

The decline in the reserve assets in August 2018 was mainly due to government external debt repayment and rupiah stabilization in the middle of increasing global financial market uncertainty. 

In spite of the decline, BI believes that the official reserve assets position is able to support the external sector resilience and maintain macroeconomic and financial system sustainability.

Going forward, BI considers the official reserve assets remain adequate supported by confidence in stability and the upbeat outlook for the domestic economy as well as positive export performance.