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In line with expectations, Indonesia's foreign exchange reserves continued to decline for the sixth consecutive month. Per late-July 2018 the country's foreign exchange reserves amounted to USD $118.3 billion, down from the level of USD $119.8 billion one month earlier.
The central bank of Indonesia (Bank Indonesia) announced that the nation's foreign exchange reserves had fallen to USD $119.8 billion (per end June 2018), thus declining USD $3.1 billion compared to the position in the preceding month. As such, the recent trend continued: Indonesia's foreign exchange assets have now fallen for five straight months after touching a record high of nearly USD $132.0 billion in January 2018 (see table below).
The central bank of Indonesia (Bank Indonesia) announced that the nation's official foreign exchange reserves stood at USD $122.9 billion at the end of May 2018, down from USD $124.9 billion in the preceding month. The decline, which had been expected, was mainly due to the use of foreign exchange to repay public foreign debt and to stabilize the Indonesian rupiah amid persistently high uncertainty in global financial markets.
The foreign exchange reserves of Indonesia fell to USD $126.0 billion at the end of March 2018, down from a level of USD $128.06 billion one month earlier. The decrease in reserve assets was particularly attributed to the use of foreign exchange for public foreign debt repayments and rupiah stabilization efforts amid pressures stemming from rising global uncertainty in the financial markets. Uncertainties originate from the latest Fed Funds Rate hike as well as the looming trade war between the USA and China (but would be felt across the globe).
Indonesia's foreign exchange reserves fell from a record high of USD $131.98 billion at the end of January 2018 to USD $128.06 billion at the end of February 2018. In a statement released on its official website, the central bank of Indonesia (Bank Indonesia) attributed the decline in reserve assets is to the use of foreign exchange to repay government external debt as well as efforts to stabilize the Indonesian rupiah exchange rate.
Bank Indonesia, the central bank of Indonesia, said the country's official foreign exchange reserves fell to USD $126.5 billion at the end of October 2017 (from the all-time record high level of USD $129.4 billion at the end of the preceding month).
By the end of September 2017, Indonesia's foreign exchange reserves stood at USD $129.4 billion, slightly up from USD $128.8 billion in the preceding month, hence hitting a new all-time record. Indonesia's central bank (Bank Indonesia) said this increase was primarily attributed to foreign exchange receipts from tax revenues, government oil & gas export proceeds, the withdrawal of government foreign loans as well as the auction of Bank Indonesia foreign exchange bills.
The tourism sector of Indonesia has great potential for rapid growth in the years ahead as the government has been eager to boost growth in this sector by allowing more countries to use the visa-free visit facility and by spending more on infrastructure development to enhance inter- and intra-connectivity (including the development of new airports and harbors). Moreover, Indonesia's tourism sector has plenty of opportunity to expand rapidly because this sector comes from a very low base (for example, compared to regional peers, Indonesia attracts relatively few foreign tourists).
The central bank of Indonesia (Bank Indonesia) announced that the nation's foreign exchange reserves climbed to USD $116.4 billion at the end of December 2016, up from USD $111.5 billion one month earlier. Growth was attributed to foreign exchange receipts, primarily stemming from the issuance of government global bonds debt securities, the withdrawal of government foreign loans, tax revenues and oil & gas export proceeds, that all surpassed the use of foreign exchange for government external debt repayments and Bank Indonesia's maturing foreign exchange bills.
The central bank of Indonesia (Bank Indonesia) announced that the country's foreign exchange reserves fell to USD $111.5 billion at the end of November 2016, from USD $115.0 billion in the preceding month. The USD $3.5 billion decline was caused by Bank Indonesia's efforts to stabilize the rupiah exchange rate as well as the government's external debt repayments. Despite the decline, Bank Indonesia regards the current level of forex reserves as healthy.
Latest Columns Forex
Over the past week, the Indonesian rupiah continued to appreciate against the US dollar. Based on the Bloomberg Dollar Index, the rupiah appreciated 0.07 percent to IDR 12,850 per US dollar on Friday (17/04). Only a month ago, investors and policymakers were alarmed when the rupiah touched IDR 13,245 per US dollar, a 17-year low. This column discusses the factors that caused the strengthening of the rupiah in recent weeks. However, amid looming further monetary tightening in the USA, this development should be short-term only.
At 15:00 local Jakarta time on Tuesday (01/04), the Indonesian rupiah exchange rate as well as the country's benchmark stock index (known as the IHSG or Jakarta Composite Index) have shown a positive performance so far. Based on the Bloomberg Dollar Index, the rupiah appreciated 0.64 percent to IDR 11,288 per US dollar, while the IHSG climbed 2.15 percent to 4,871.38. A number of internal and external factors contributed to this remarkable performance today.
By the end of Friday's trading day (28/03), the Indonesian rupiah exchange rate appreciated 0.75 percent to IDR 11,361 per US dollar based on the Bloomberg Dollar Index. At the end of March 2014, the rupiah is still the best-performing Asian currency this year, outperforming 24 emerging-market currencies that are tracked by Bloomberg. Since 31 December 2013, the rupiah appreciated nearly seven percent against the US dollar as an easing current account deficit and slowing inflation triggered capital inflows into Southeast Asia's largest economy.
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