Foreign Exchange Reserves Indonesia Fall Slightly in November
The foreign exchange reserves of Indonesia fell slightly in November. According to the latest data from Indonesia's central bank (Bank Indonesia) the reserves stood at USD $100.24 billion at end-November, down from USD $100.7 billion at the end of the preceding month. The reserves fell on foreign exchange receipts, public foreign debt payments and the central bank's efforts to stabilize the rupiah exchange rate.
Ahead of the looming US interest rate hike in mid-December, the Indonesian rupiah has been weakening against the US dollar. So far this year, the rupiah has depreciated about 11 percent against the greenback. The US Federal Reserve is scheduled to conduct a crucial meeting on 15-16 December.
Indonesian Rupiah versus US Dollar (JISDOR):| Source: Bank Indonesia
In a statement published on its official website, Bank Indonesia said "[the foreign exchange assets at the end of November 2015 cover 7.1 months of imports or 6.9 months of imports and servicing of government external debt repayment, well above the international standards of reserves adequacy at three months of imports".
Indonesia's Foreign Exchange Reserves 2008-2015:
¹ in billion US dollar
² at end-November 2015
Source: Bank Indonesia
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