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May 2019, Foreign Exchange Reserves Equivalent 6.9 Months Import

Jakarta, 13/06/2019 MoF - Indonesia's foreign exchange reserves at the end of May 2019 amounted to US$ 120.3 billion. This figure is quite high even though it is lower than the position at the end of April 2019 which was 124.3 billion US dollars.

Bank Indonesia (BI) assesed the position of foreign exchange reserves is equivalent to financing 6.9 months of imports or 6.7 months of imports and payment of government foreign debt and above the international adequacy standard of around 3 months of imports.

According to BI, the decline in foreign exchange reserves in May 2019 was influenced by the need for government foreign debt payments and reduced placement of banking foreign exchange at Bank Indonesia in anticipation of foreign exchange liquidity requirements related to the cycle of dividend payments for several foreign companies and prior to the Lebaran holiday. (nr/ds)