Foreign Exchange Reserves Indonesia Climb in February 2016
The foreign exchange reserves of Indonesia rose USD $2.4 billion to USD $104.5 billion in February 2016 according to a statement of Indonesia's central bank (Bank Indonesia). The lender of last resort attributed this forex growth to foreign exchange receipts from the oil & gas sector, foreign debt withdrawals, and the sale of foreign-denominated bonds (SBBI). These receipts were more than enough to cover for the use of foreign exchange for public foreign debt payments.
Meanwhile, capital inflows into Indonesian bonds and stocks were strong in February 2016. This meant that the central bank did not have to use its foreign exchange for market operations to support the rupiah exchange rate. The rupiah appreciated about 2.2 percent during February 2016. Emerging market currencies such as the rupiah have been strengthening due to an expected delay in another US interest rate hike in combination with accomodative monetary policies in Japan and the Eurozone.
Indonesia's USD $104.5 billion worth of foreign exchange reserves at the end of February 2016 cover 7.6 months of imports or 7.3 months of imports and servicing of public external debt repayment, well above international standards of reserves adequacy at three months of imports.
Foreign Exchange Reserves Indonesia:
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