Indonesia forex reserve up US$6.2 billion to US$109.8 billion

15 July, 2016 | Source: Antara News

Bank Indonesia reported that the countrys foreign exchange reserve rose US$6.2 billion in a month to US$109.8 billion by the end of June this year.

The central bank Governor Agus Martowardojo attributed the increase in the countrys foreign exchange reserve to sales of government bonds and loan received by the government.

Tax and oil and gas revenues also contributed to the rise in the foreign exchange reserve, Agus told lawmakers in a meeting here on Thursday.

Bank Indonesias Executive Director of Communication Tirta Segara said the foreign exchange reserve was enough to cover the countrys imports and installments of the governments debt for 8.1 months, or 8.4 months of imports alone.

"This is higher than the international adequacy standard of three month imports," Tirta said in a statement.

He said the reserves could strengthen resilience against external pressure and help sustain the countrys economic growth.(*)

 

 

President Joko Widodo (Jokowi) said Indonesia already enters years of low inflation, with inflation around 3 percent in the past two years.
President of the World Bank group, Jim Yong Kim, here on Tuesday expressed his support to the Indonesian governments plan on the tax reform program, which aimed to increase the state budgets income.
President Joko Widodo (Jokowi) plans to visit Turkey to develop partnership in strategic industry and economy with the country, Foreign minister Retno Marsudi said here on Monday at the state palace after a meeting prior to the presidents visit to Turkey and Germany.
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