RI's Foreign Exchange Reserves Stood at $122.9 Billion in May: BI

Eko Nordiansyah    •    08 Juni 2018 19:48 WIB
indonesian economy (en)
RI's Foreign Exchange Reserves Stood at $122.9 Billion in May: BI
Illustration (Photo:Antara/Eric Ireng)

Jakarta: Indonesia’s official reserve assets stood at $122.9 billion as of end-May 2018, Bank Indonesia (BI) announced Friday.

"Still high enough although lower than the end of April 2018 level at $124.9 billion," the central bank stated.

The reserve asset position was equivalent to financing of 7.4 months of imports or 7.2 months of imports and servicing of government external debt.

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

The decline in the reserve assets in May 2018 was mainly due to the use of foreign exchange to repay government external debt and to stabilize rupiah in the midst of remained high uncertainty in global financial market. 

"BI considers the position of official reserve assets is able to support the external sector resilience and maintain macroeconomic and financial system sustainability," it stated.

"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," it added.