Government Debt Payments Reduce Foreign Exchange Reserves by US$4 Billion
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Indonesia's foreign exchange reserves fell by US$4 billion to US$120.3 billion in May 2019, compared to April 2019. This level of reserves is the lowest since the beginning of 2019. Reserves stood at US$120.07 billion in January 2019, US$123.3 billion in February, US$124.5 billion in March, and US$124.3 billion in April.
Bank Indonesia (BI) Executive Director Onny Widjanarko stated that the May 2019 decline was due to government foreign debt payments. Furthermore, the decrease was also influenced by a reduction in banks' foreign currency deposits at BI. Banks withdrew funds to anticipate foreign exchange liquidity needs related to the dividend payment cycle of several foreign companies and the Lebaran holiday.
The May 2019 foreign exchange reserves are equivalent to 6.9 months of import cover or 6.7 months of import cover and government foreign debt payments. Furthermore, these reserves are above the international adequacy standard of 3 months of import cover.
"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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