Bidara Pink, writing for Kontan, says that Bank Indonesia (BI) is reporting Indonesia’s foreign exchange reserves rose at the end of November 2022 to USD 134-billion, an increase of USD 3.8-billion from the previous month.
“The increase was influenced by tax and service revenues, as well as oil and gas foreign exchange receipts,” wrote Executive Director, Head of the BI Communication Department Erwin Haryono in his statement, Wednesday (7/12), reports Kontan.
Erwin is optimistic that these foreign exchange reserves will be able to support external sector resilience and maintain macroeconomic and financial system stability. The reason is, this is equivalent to financing 5.9-months of imports or 5.8-months of imports and payment of the government’s foreign debt, above the international adequacy standard of about 3-months of import.
Going forward, Erwin is optimistic that foreign exchange reserves will remain adequate, supported by stability and maintained economic prospects, in line with various policy responses to maintain the progress of economic recovery.