Foreign Exchange Reserves August 2017 amounted to 128.8 Billion Dollars
By : Herry Barus And Aldo Bella Putra | Saturday, September 09 2017 - 16:00 IWST
INDUSTRY.co.id - Jakarta- Indonesia's foreign exchange reserve position in August 2017 was recorded at 128.8 billion US dollars, higher than the end of July 2017 position of 127.8 billion US dollars.
"The increase is mainly influenced by foreign exchange earnings derived from tax revenues and foreign exchange earnings from oil and gas exports of government, as well as the results of securities auctions of Bank Indonesia (SBBI) foreign exchange," said Executive Director of the Department of Communication BI Agusman in an official statement received by Editor in Jakarta, Friday (8/9/2017)
The foreign exchange revenue exceeds the foreign exchange requirement, especially for foreign debt repayment of government and SBBI forex.
The position of foreign reserves at the end of August 2017 is sufficient to finance 8.9 months of imports or 8.6 months of imports and servicing of official foreign debt, and is above the international standard of approximately three months of imports.
Bank Indonesia believes that the foreign exchange reserves can support the resilience of the external sector and maintain the sustainability of Indonesia's economic growth in the future.
Previously, in July 2017 the position of Indonesia's foreign exchange reserves increased higher than the previous month, ie from 123.08 billion US dollars to 127.76 billion US dollars.
In July, the increase was influenced by foreign exchange earnings, among others derived from the issuance of global government bonds, tax revenues and foreign exchange of government oil and gas exports, as well as the results of securities auctions of Bank Indonesia (SBBI) forex.