Indonesia's foreign exchange reserves fell by US$1.0116 billion this month.
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Bank Indonesia (BI) reports that Indonesia's foreign exchange reserves at the beginning of February 2024 decreased by US$ 1.0116 billion to US$ 144.04 billion. The previous data for January 2024 showed foreign exchange reserves of US$ 145.05 billion.
Indonesia's current foreign exchange reserves are equivalent to 6.5 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 impacted by the weakening of the Rupiah's average exchange rate in February 2024, which was recorded at 0.3 percent month-to-month (mom). The strengthening 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."
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