Indonesia’s Forex Reserves Rise to USD145.2 Billion in March 2023

Indonesia's foreign exchange reserves stood at USD145.2 billion as of end-March 2023.

IDXChannel - Indonesia's foreign exchange reserves stood at USD145.2 billion as of end-March 2023, increasing from USD140.3 billion as of end-February 2023. 

According to Bank Indonesia (BI), the gain of official reserves assets in March 2023 was underpinned, amongst others, by tax receipts as well as government's foreign loan withdrawal.

The position of official reserve assets was equivalent to finance 6.4 months of imports or 6.2 months of imports and servicing Government's external debt, and well above the international adequacy standard of three months imports. 

“Bank Indonesia considers the official reserve assets position ample to support external resilience and maintain macroeconomic and financial system stability,” said BI Communication Department Executive Director Erwin Haryono in a press release on Monday (10/4/2023).

Moving forward, the central bank believes that the official reserve assets remain adequate, supported by the stability and solid domestic economic outlook, in line with the policy responses to maintain macroeconomic and financial system stability and to support the national economic recovery process. (WHY)