JAKARTA – The foreign exchange (forex) reserves of Indonesia slipped 3% down to USD 136.2 billion in April 2024 from USD 140.4 billion in Mach 2024.

In the press release quoted Monday (13/5), Fadjar Majardi, Director of Department of Communication of Bank Indonesia, said that the payment of foreign debts and needs related to rupiah exchange trigger forex reserve decline. “Current forex reserves are equal to 6.1 months of import financing or 6 months of import and the payment of the government’s foreign debt,” he added.

According to Majardi, current forex reserves are still above the international standard of approximately 3 months of import. Therefore, Bank Indonesia is quite optimistic that forex reserves can promote stability of macroeconomy and monetary system.

It is said that forex reserves will still suffice as national economic prospect is sustained, which is also supported by the mix-policy synergy between Bank Indonesia and the government to maintain macroeconomic and financial system stability. (LK/ZH)