JAKARTA – Foreign exchange (forex) reserves as of June 2024 were reported at USD 140.2 billion, up from May 2024 of USD 139 billion. However, said increase has not managed to bring the reserves as high as January 2024 of USD 145.1 billion.

Erwin Haryono, Assistant Governor of Department of Communication of Bank Indonesia (BI), reported that the forex reserves increase in June 2024 occurs following an increase in tax and service income, including government’s foreign debt withdrawal.

“Forex reserves in June 2024 is equal to 6.3 months of import or 6.1 months of import plus government’s foreign debt payment,” Haryono explained in the press release quoted today (5/7).

According to Haryono, said amount of forex reserves is above the international adequacy standard of approximately three months of import. In addition, the forex reserves may support the resiliency of external sector, as well as stability of macroeconomy and financial system.

In April 2024, BI recorded forex reserves of USD 136.2 billion, declining from USD 140.4 billion in March 2024, which also decreased compared to USD 144 billion in February 2024. (LK/ZH)