3 years ago

Indonesia's forex reserves reach $131.7b in June

File photo (collected)
File photo (collected)

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Indonesia's central bank recorded foreign exchange (forex) reserves at 131.7 billion US dollars at the end of June, an increase compared to 130.5 billion dollars at the end of May.

"The increase in foreign exchange reserves in June, 2020 was mainly due to the issuance of the government's global sukuk (the bonds based on sharia principles)," The central bank’s spokesman Onny Widjanarko said in a statement on Tuesday.

He pointed out that the foreign exchange reserves are equivalent to financing 8.4 months of imports or 8.1 months of imports and payments of government foreign debts, and stay above the international adequacy standard of about three months of imports, reports Xinhua.

According to the Bank Indonesia (BI), the central bank of the country, the foreign exchange reserves are able to support the resilience of the external sector and maintain the stability of the macroeconomic and financial system in Indonesia.

The BI views that foreign exchange reserves remain adequate for the future as they are supported by the maintained stability and economic prospects, along with various responses to the policies on efforts to encourage and recover the economy.

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