Forex Reserves Rise to US$120.7 Billion in December 2018

   •    08 Januari 2019 15:49 WIB
macroeconomics (en)
Forex Reserves Rise to US$120.7 Billion in December 2018
Illustration (Photo:MI/Panca Syurkani)

Jakarta: Indonesia's official reserve assets stood at US$ 120.7 billion at the end of December 2018 , rising higher than US$ 3.5 billion compared to the previous month. 

"The reserve asset position was equivalent to financing of 6.7 months of imports or 6.5 months of imports and payment of government external debt," Bank Indonesia (BI) said in a written statement on Tuesday, January 8, 2019. 

"Well above the international standard of reserve adequacy of 3 months of imports," the central bank said. 

BI considers that the official reserve asset position is able to support the external sector resilience and maintain macroeconomic and financial system sustainability.

The increase in foreign exchange reserves in December 2018 was mainly influenced by oil and gas foreign exchange receipts, global bond issuance and withdrawal of government foreign loans. 

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