Indonesia's foreign exchange reserves fell by US$1.332 billion this month.

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Agus Dwi Darmawan 31/01/2024 09:35 WIB

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The increase in foreign exchange reserves was impacted by the weakening of the Rupiah exchange rate, which averaged -0.6 percent month-on-month (mom) in December 2023.

Indonesia's Foreign Exchange Reserves as of December 2023

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Indonesia's foreign exchange reserves fell by US$1.332 billion this month.

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Indonesia's Foreign Exchange Reserves as of December 2023

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Bank Indonesia recorded Indonesia's foreign exchange reserves as of early January 2024 at US$145.05 billion. This position represents a decrease of US$1.332 million compared to December 2023, which was recorded at US$146.38 billion.

Indonesia's current foreign exchange reserves are equivalent to 6.47 months of import financing and government foreign debt payments, and remain above the international adequacy standard of around 3 months of imports.

The decrease in foreign exchange reserves was impacted by the weakening of the Rupiah's average exchange rate in January 2024, which was recorded at 0.7 percent month-to-month (mom). The weakening US dollar made the cost of stabilizing the Rupiah more expensive, thus eroding BI's foreign exchange reserves.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."