Indonesia’s Foreign Exchange Reserves Climbed at End 2014
Despite having intervened to support the rupiah exchange rate, Indonesia’s central bank announced that the country’s foreign exchange reserves rose USD $800 million to USD $111.9 billion at the end of December 2014. The rise was primarily due to foreign exchange income from Indonesia’s oil and gas exports as well as the withdrawal of government’s foreign debt. Tirta Segara, Executive Director of Bank Indonesia, said that foreign exchange savings and banks swaps with Bank Indonesia had also increased at the end of 2014.
Bank Indonesia said that the official reserve assets at end-December 2014 can adequately cover 6.7 months of imports or 6.5 months of imports and servicing of government external debt repayments. This is well above the international standards of reserves adequacy at three months of imports.
Indonesia’s foreign exchange reserves have increased from USD $99.4 billion at end-2013 to USD $111.9 billion at the end of 2014.
Indonesia's Foreign Exchange Reserves 2008-2014:
¹ in billion US dollar
Source: Bank Indonesia
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