JAKARTA – Indonesia’s foreign exchange (forex) reserves as of October 2024 were recorded at USD 151.2 billion, up from USD 149.9 billion in September 2024.

Ramdan Denny Prakoso, Executive Director of Bank Indonesia (BI), mentioned that current forex reserves are equivalent to the budget of 6.6 months of import, or 6.4 of import and the government’s foreign debt repayment.

“It is above the international adequacy standard of approximately 3 months of import,” Prakoso added in the press release quoted Thursday (7/11).

According to Prakoso, the increase of forex reserves came from tax income and services, including foreign debt withdrawal.

It is mentioned that BI believes the current forex reserves will be sufficient in maintaining external sector resiliency. The prospect of export remains positive, while the capital and financial transaction balance are still at surplus. These notions are in line with investors’ positive perception towards national economic prospects, plus attractive returns of investment.

“Bank Indonesia must strengthen the synergy with the government to create external resiliency in maintaining sustainable economic growth and stability,” Prakoso concluded. (LK/ZH)