Indonesia's foreign exchange reserves fell by US$583.22 million this month.
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Bank Indonesia (BI) reports that Indonesia's foreign exchange reserves at the beginning of August 2023 decreased by US$583.22 million to US$137.09 billion. The previous data for July 2023 recorded foreign exchange reserves at US$137.67 billion.
Indonesia's current foreign exchange reserves are equivalent to 6.2 months of import financing and government foreign debt payments, and remain above the international adequacy standard of approximately 3 months of imports.
The decrease in foreign exchange reserves was driven by the strengthening of the Rupiah exchange rate in August 2023, which averaged a 1.42 percent increase (month-to-month/m-o-m). Since the Fed raised its benchmark interest rate to 5.5 percent, the Rupiah exchange rate has consistently remained above Rp 15,000 per US dollar in July. On Tuesday, October 10, 2023, the Rupiah closed at Rp 15,707 per US dollar.
"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."
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