Indonesia’s foreign exchange reserves rose to USD150.2 billion in August 2024

Jakarta – Bank Indonesia (BI) reported that Indonesia’s foreign exchange reserves increased by USD4.8 billion. As of the end of August 2024, foreign exchange reserves were recorded at USD150.2 billion, an increase compared to the position at the end of July 2024 which amounted to USD145.4 billion.

BI Assistant Governor Erwin Haryono said that the increase in the position of foreign exchange reserves was influenced, among others, by tax and service revenues, oil and gas foreign exchange receipts, and the withdrawal of government foreign loans.

“The position of foreign exchange reserves at the end of August 2024 is equivalent to financing 6.7 months of imports or 6.5 months of imports and servicing of government external debt, and is above the international adequacy standard of around 3 months of imports,” Erwin said in an official statement, Friday, September 6, 2024.

Furthermore, BI considers that foreign exchange reserves are able to support external sector resilience and maintain macroeconomic and financial system stability.

Going forward, BI views that foreign exchange reserves are adequate so that they can continue to support external sector resilience. The export outlook remains positive and the balance of capital and financial transactions is predicted to continue to record a surplus.

“In line with investors’ positive perceptions of the prospects for the national economy and attractive investment returns, supporting the maintenance of external resilience,” he explained.

BI also continues to strengthen synergies with the government in strengthening external resilience so as to maintain economic stability in order to support sustainable economic growth. (*)

Galih Pratama