Indonesia sees lower forex reserves in October - ASEAN Information - China-ASEAN Business and Investment Summit

Indonesia sees lower forex reserves in October
Released: 2017-11-13 Pageviews: 　 Source: Xinhua Net　 Author:
    JAKARTA, Nov. 7 (Xinhua) -- Indonesia recorded 126.5 billion U.S. dollars of forex reserves in October, lower than 129.4 billion dollars of the previous month due to excessive government foreign debt payment and efforts to stabilize the nation's currency value, an official said Tuesday.
    Head of Bank Indonesia (BI)'s Communications Department Agusman Zainal said that the amount of forex reserves in October was sufficient to finance 8.6 months of imports or 8.3 months of imports plus government's foreign debts.
    He added that October reserves was still above the international adequate standard set at three month foreign payment.
    "BI assessed that amount of forex reserves was capable to support Indonesia's external resiliency sector as well as preserving the nation's growth sustainability in the future," Agusman said in a statement.
    He added that the reducing amount of forex reserves was also affected by the banks' lowering forex contribution due to excessive need of their customers to pay their foreign obligations.
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