Indonesia's forex reserves soar to 120.7 bln USD in December 2018

Source: Xinhua| 2019-01-08 21:08:59|Editor: xuxin
Video PlayerClose

JAKARTA, Jan. 8 (Xinhua) -- Indonesia's forex reserves has risen to 120.7 billion U.S. dollars as of December last year, up from 117.2 billion U.S. dollars recorded a month earlier, Indonesian central bank, Bank Indonesia (BI) said on Tuesday.

"The significant increase of national forex reserves in December last year was highly contributed by revenues from oil and gas exports, global sovereign bond issuance and withdrawals of foreign loans," BI said in a statement.

The amount of forex reserves was capable to cover the nation's imports in 6.7 months, or 6.5 months of imports plus foreign debt payments.

That amount was far above the international adequate import coverage standard of three months, highly capable to support the nation's resilience in dealing with external pressures as well as preserving the nation's macro economy stability and financial system, the statement said.

Indonesia saw significant drop of forex reserves to 114.8 billion U.S. dollars in September last year from 117.9 billion U.S. dollars a month earlier as the nation's currency exchange rate value plunged against the U.S. dollar during the period.

The central bank, however, said at that time that the amount of forex reserves during those hard times was still capable to support the nation's economic resiliency.