Home News Indonesia`s foreign exchange reserves increased to US$128.8 billion in August

Indonesia`s foreign exchange reserves increased to US$128.8 billion in August

VOI NEWS 09092017 10:00 Local Time GMT +7

Indonesia’s foreign exchange reserves were recorded at $128.8 billion dollars in August, higher than $127.8 billion in July. The Executive Director of Bank Indonesia’s Communications Department, Agusman noted in an official statement on Friday that the rise was especially caused by the foreign exchange income from taxes, the government’s part of oil and gas exports, and results of the auction of Bank Indonesia securities in foreign denominations. The foreign exchange income surpassed needs, especially for paying the government’s foreign debts and maturity of BI securities in foreign currencies.  Bank Indonesia viewed that the reserves could support the resilience of the external sector and help maintain sustainability of Indonesia’s future economic growth. In July, the country’s foreign exchange reserves were also higher than $123.08 billion dollars recorded in the previous month. The hike recorded in the month was due to foreign exchange income from the issuance of government global bonds, taxes, and the government’s part of oil and gas exports, as well as the results of the auction of foreign-denominated Bank Indonesia securities. (Ant)       


BI: Rupiah stability important  

Deputy Governor of Bank Indonesia –BI, Mirza Adityaswara emphasized the importance of maintaining rupiah stability for the economy. He said that too strong rupiah would not help in encouraging production as the business sector would choose to import goods from other countries. He also remarked that the best position of rupiah is one that reflects economic equilibrium and economic fundamental, supports trade balance with a surplus and keeps inflation low. He added that strong rupiah is not necessarily good for the economy. On Friday, based on data at the central bank, the rupiah value against the US dollar was 13,284 per US dollar, strengthening from the level of 13,345 per dollar. The Central Bank said, the rupiah strengthening over the past week was on U.S. economy failing to grow as expected. (Ant)

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