Indonesia's Foreign Exchange Reserves Down to USD133 Billion in October

The position of reserve assets in Indonesia stood at around USD133 billion at the end of October 2023.

IDXChannel - The position of reserve assets in Indonesia stood at around USD133 billion at the end of October 2023.

The position decreased from around USD135 billion at the end of September 2023. 

The decrease stemmed, amongst others, from the government's external debt repayments and the need for Rupiah stabilization as a measure to anticipate the spillover effects of rising global financial market uncertainty. 

"Bank Indonesia considers that the current level of reserve assets is able to support external sector resilience as well as maintain macroeconomic and financial system stability," BI Communication Department Director Nita A Muelgini in a media release on Tuesday (7/11/2023).

The position of reserve assets is equivalent to six months of imports and servicing government's external debt.

It is well above the international adequacy standard of around three months of imports. 

"Moving forward, Bank Indonesia views that reserve assets will remain ample, supported by stability and maintained economic outlook, in line with the policy mix responses to preserve macroeconomic and financial system stability to bolster sustainable economic growth," Muelgini added. (WHY)