JAKARTA - Foreign exchange reserves were recorded at US$ 145.2 billion in March 2023, up from February 2023 of US$ 140.3 billion. The upward trend in foreign exchange reserves has been visible since the beginning of this year.

Erwin Haryono, Executive Director, Communication Department of Bank Indonesia (BI) stated that foreign exchange reserves are sufficient to finance 6.4 months of imports or 6.2 months of imports and payment of the government's external debt. "The increase in foreign exchange reserves was influenced by tax revenues and the withdrawal of government external loans," he said in a press release, Monday (10/4).

According to him, the position of foreign exchange reserves in March 2023 was far above the international adequacy standard of around 3 months for import financing. Foreign exchange reserves are considered capable of supporting external sector resilience and maintaining macroeconomic and financial system stability.

He conveyed that foreign exchange reserves remained adequate, supported by stability and economic prospects, including various policies to maintain macroeconomic stability. (LK/LM)