Indonesia's Foreign Exchange Reserves Unchanged in November 2013
The central bank of Indonesia (Bank Indonesia) announced that Indonesia’s official reserve assets totaled USD $97.0 billion at the end of November 2013 thus unchanged from the end of the previous month. Bank Indonesia stated that this amount is equivalent to 5.5 months of import or 5.3 months of import and servicing of government external debt. After having grown sharply in recent years, Indonesia's foreign exchange reserves have fallen from USD $112.8 billion at end-2012 as Bank Indonesia tried to support the depreciating rupiah exchange rate.
Bank Indonesia stated that "the current reserve position is adequate enough to support the external sector sustainability and remains above the international standards of reserve adequacy. A steady level of official reserve assets reflects Bank Indonesia's policy responses to curtail the country's current account deficit to a more healthy level and maintain rupiah stability in line with its fundamental conditions."
Indonesia's Foreign Exchange Reserves 2008-2013:
| 2008 | 2009 |
2010 | 2011 | 2012 | 2013² | |
| Foreign Exchange Reserves¹ |
51.6 | 66.1 | 96.2 | 110.1 | 112.8 | 97.0 |
¹ in billion USD dollar
² at end November 2013
Source: Bank Indonesia
Further Reading:
• Indonesia Inflation Update: Consumer Price Index Moving Sideways
• Indonesia's October 2013 Trade Surplus Provides a Glimmer of Hope
• Analysis of the Indonesian Rupiah Exchange Rate in November 2013
• Indonesia Financial Market Update: Indonesia's Current Account Deficit