Political stability and sound economic prospects are likely to stabilize Indonesia's foreign exchange reserves. (Antara Photo/Rivan Awal Lingga)

Foreign Reserves Go ‌Up in October ‌to‌ 19-Month High

BY :FAISAL MALIKI BASKORO

NOVEMBER 07, 2019

Jakarta. Indonesia's foreign exchange‌ ‌reserves‌ ‌rebounded by 1.9 percent to a 19-month high of $126.7‌ ‌billion in October, thanks to proceeds from the government's global bonds issuance and from oil and gas exports, Bank Indonesia, the country's central bank, announced on Thursday.

The‌ ‌reserves‌ ‌are‌ enough to cover 7.4‌ ‌months‌ ‌of‌ ‌imports‌ ‌or‌ ‌7.1‌ ‌months‌ ‌of‌ ‌imports‌ ‌and‌ ‌servicing‌ ‌of‌ external‌ ‌debts, Onny‌ ‌Widjanarko,‌ ‌an ‌executive‌ ‌director‌ ‌at ‌the bank,‌ ‌said in a statement. 

The figures are above‌ ‌the‌ ‌international‌ ‌adequacy‌ ‌standard‌ ‌of‌ ‌about‌ ‌3‌ ‌months‌ ‌of‌ ‌imports.‌ ‌

Bank‌ Indonesia‌ ‌said ‌there are enough reserves‌ ‌to‌ ‌keep ‌the‌ country resilient against ‌external‌ turbulences ‌and‌ maintain‌ ‌macroeconomic‌ ‌and‌ ‌systemic stability.‌ ‌

Going‌ ‌forward,‌ ‌Bank Indonesia ‌said political stability and sound economic prospects are likely to keep the country's ‌foreign‌ ‌reserves‌ ‌at an adequate level. 

 

 

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