Indah Handayani, Jakarta – Bank Indonesia reported Thursday that the country's foreign exchange reserves had gone up to $151.2 billion as of end-October.

This marked a $1.3 billion increase from $149.9 billion as of end-September, the central bank revealed. Bank Indonesia's spokesman Ramdan Denny Prakoso attributed the increase to the government's tax and service revenues. The foreign debt withdrawals had also caused the figures to go up. Denny said the foreign exchange reserves would allow Indonesia to cover 6.6 months worth of imports.

"It is equivalent to covering 6.4 months of imports and the government's foreign loan payments. This already tops the international benchmark of 3-months coverage," Denny said in a statement.

Denny added: "Bank Indonesia considers the foreign exchange reserves can support [the country's] external resilience and maintain macroeconomic and financial system stability."

Indonesia's foreign exchange reserves will likely remain adequate in the future. Southeast Asia's largest economy will also likely keep up its positive export trends. Investors are also upbeat about Indonesia's economy and their investment returns, according to the central bank.

Source: https://jakartaglobe.id/business/indonesias-foreign-exchange-reserves-rises-to-1512-billio