Economists Call for Vigilance Against Pressure Mounting on Foreign Exchange

The pressure on foreign exchange reserves remains significant, as indicated by signals from central banks of developed countries that they will only consider relaxing their benchmark interest rates in the second semester of 2024. This limitation on capital flows to the country is expected to persist in the first half of this year.

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9 Feb 2024 - 17.44
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Economists Call for Vigilance Against Pressure Mounting on Foreign Exchange

Bisnis, JAKARTA — The pressure on foreign exchange reserves remains significant, as indicated by signals from central banks of developed countries that they will only consider relaxing their benchmark interest rates in the second semester of 2024. This limitation on capital flows to the country is expected to persist in the first half of this year.

According to Bank Indonesia (BI), foreign exchange reserves decreased by $1.3 billion in the first month of this year, reaching $145.1 billion.

The reduction in foreign exchange reserves is attributed to the maturity of government foreign debt payments, coupled with the central bank's endeavors to uphold rupiah stability.

Economists further project that the pressure on foreign exchange reserves will persist at a significant level, mainly because the Federal Reserve (Fed) has signaled to reduce interest rates in the latter half of this year.

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