Arnoldus Kristianus, Jakarta – Indonesia's foreign exchange reserves slipped to $145.3 billion at the end of July, as Bank Indonesia continued efforts to stabilize the rupiah amid renewed global financial market uncertainty.

The reserves declined by $300 million from $145.6 billion in June, according to Bank Indonesia.

Ramdan Denny Prakoso, Head of Bank Indonesia's Communications Department, said the July reserve position reflected tax and services receipts as well as proceeds from the government's global bond issuance, which were partly offset by external debt repayments and the central bank's rupiah stabilization measures.

"Bank Indonesia views the current level of foreign exchange reserves as sufficient to support external sector resilience and safeguard macroeconomic and financial system stability," Ramdan said in a statement on Friday.

The reserve position was equivalent to financing 5.5 months of imports, or 5.3 months of imports and government external debt payments, well above the international adequacy standard of around three months of imports.

Looking ahead, Bank Indonesia expects Indonesia's external sector to remain resilient, supported by ample foreign exchange reserves and continued capital inflows amid positive investor sentiment toward the country's economic outlook and attractive investment returns.

"Bank Indonesia will continue strengthening coordination with the government to reinforce external resilience, maintain economic stability, and support sustainable economic growth," Ramdan said.

Source: https://jakartaglobe.id/business/indonesias-forex-reserves-dip-to-1453-b-in-jul