JAKARTA – The foreign exchange (forex) reserves of Indonesia were recorded at USD 140.3 billion in February 2023, increasing USD 9.5 billion within the past 6 months from USD 130.8 billion in September 2022. This number reinforces the capability of import activities for the next 6 months.

Erwin Haryono, Executive Director of Communication Department of Bank Indonesia (BI), claimed that the forex reserves would be able to support the resilience of external factors, as well as the stability of macroeconomy and national economic recovery. “The forex reserves are equivalent to 6.2 months of import or 6 months of import plus foreign debt payment,” he said in the press release, quoted Wednesday (8/3).

The forex reserves until February 2023 are deemed well above the international standard, which covers 3 months of import.

According to Haryono, the increased forex reserves are influenced by tax income and foreign loan withdrawal by the government.

The forex reserves showed constant increment, despite being corrected in October 2022 to USD 130.2 billion. In January 2023, forex reserves went up to USD 139.4 billion from USD 137.2 billion in December 2022. (LK/ZH)