Indonesia's forex reserves drop to 135.2 bln USD in September
Source: Xinhua | 2020-10-08
Indonesia's foreign exchange reserves totalled 135.2 billion U.S. dollars at the end of September, down by 1.8 billion U.S. dollars compared to the previous month, according to the central bank, Bank Indonesia, on Wednesday.
Indonesia posted a record high foreign exchange reserves at 137 billion U.S. dollars in August.
"Bank Indonesia assesses that the foreign exchange reserves are capable of supporting the external sector resilience and maintaining the macroeconomic and financial system stability," Executive Director of the Communication Department of Bank Indonesia Onny Widjanarko said.
This amount is equivalent to financing 9.5 months of imports, or 9.1 months of imports and payment of the government foreign debt.
The amount is also above the international adequacy standard of about three months of imports.
Widjanarko said that the decline in foreign exchange reserves in September was influenced, among other factors, by the payment of the government external debt and the need to stabilize the exchange rate of rupiah amidst high uncertainty in global financial markets.
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