Jakarta (Indonesia Window) – Indonesia’s foreign exchange reserves at the end of November 2021 were recorded at 145.9 billion U.S. dollars, an increase from 145.5 billion U.S. dollars in October 2021, according to the central bank, Bank Indonesia (BI).

The foreign exchange reserve position is equivalent to financing 8.3 months of imports or 8.1 months of imports and the government's foreign debt servicing, Head of BI’s Communications Department Erwin Haryono said in a statement here on Tuesday (Dec. 7).

In addition, according to him, the position of foreign exchange reserves is above the international adequacy standard of about three months of imports.

"Bank Indonesia assesses that the foreign exchange reserves are able to support the resilience of the external sector and maintain macroeconomic and financial system stability," Erwin explained.

According to him, the increase in the position of foreign exchange reserves in November 2021 was influenced, among other things, by tax and service receipts, as well as the withdrawal of government foreign loans.

BI considered that foreign exchange reserves will remain adequate in the future, supported by stability and maintained economic prospects, along with various policy responses to promote efforts to recover the economy.

Reporting by Indonesia Window