REPUBLIKA.CO.ID, JAKARTA -- Bank Indonesia (BI) announced that the country's foreign exchange reserves rose US$2 billion to $117.2 billion at the end of November 2018. A month earlier it was recorded at $115.2 billion.
The increase in foreign exchange reserves, particularly came from oil and gas revenues, foreign loans, and other foreign exchange earnings that exceeded the needs to repay the government's foreign debts, Director of BI Communication Directorate Junanto Herdiawan noted in an official statement released on Friday.
The central bank believes that the foreign exchange reserves will remain sufficient owing to confidence in the stability and prospects of the domestic economy and the positive performance of the country's exports. Foreign exchange reserves at the end of November 2018 are sufficient to finance 6.5 months of imports or 6.3 months of imports and government foreign debt repayments and are above the international adequacy standard of three months.
He said BI believed the foreign exchange reserves will be able to support resilience in the external sector and maintain macroeconomic stability and financial system.