Bank Indonesia (BI) reports that Indonesia`s foreign exchange rose on a month-on-month basis in December 2017. “As of December, it exceeded US$130 billion,” The BI Governor Agus Martowardojo said in Jakarta on Thursday, January 4.
Indonesia’s foreign exchange reserves at the end of the year rose around US$5 billion as compared with the previous month. The central bank has reported that the foreign exchange reserves stood at US$125.97 billion in November 2017, which BI claimed to be enough to pay for 8.4 months of imports or 8.1 months of imports plus debt servicing costs. The figures allow the central bank to maintain reserves equivalent to at least three months imports.
The foreign exchange reserves in November, however, was lower than that of October at US$126.55 billion owing to a decrease in foreign currency deposit in Bank Indonesia. It was also caused by servicing of debts using foreign exchange reserves and the stabilization of the exchange value of the rupiah exchange in accordance with the economic fundamentals.
In December, the Jakarta Interbank Spot Dollar Rate (JISDOR) showed the rupiah trading around Rp 13,364.