JAKARTA – Bank Indonesia (BI) reported an increase in forex reserves in August 2024 following a decline back in February 2024. This increase maintains a rebound trend of forex recorded since July 2024 at USD 145.4 billion.
Erwin Haryono, Assistant Governor of Department of Communication of BI, said that forex reserves in August 2024 reached USD 150.2 billion, up from USD 145.4 billion.
“Forex reserves position in August 2024 is equal to 6.7 months of import or 6.5 months of import plus government debts,” he said in the press release quoted Friday (6/9).
According to Haryono, forex reserves managed to support external sector resiliency, as well as maintaining macroeconomic and financial system stability. The forex reserves are above the international adequacy standard of 3 months of import.
In January 2024, forex reserves were at USD 145.1 billion, before slipping to USD 144 billion in February 2024, down again to USD 140.4 billion in March 2024, and further to USD 136.2 billion in April 2024, continuing the downtrend to USD 139 billion in May 202, before finally picking up to USD 140.2 billion in June 2024.
It is mentioned that forex reserves will support external sector resiliency. “Bank Indonesia will continue to strengthen the synergy with the government in reinforcing external resiliency, so that it could maintain economic stability in order to promote sustainable economic growth,” Haryono concluded. (LK/ZH)