Foreign Exchange Reserves, Debt, and Rupiah Exchange Rate

The foreign exchange reserves are currently declining and have reached their lowest level since December 2022. This reduction in reserves is a result of efforts to stabilize the rupiah exchange rate and fulfill government debt obligations.

Maria Elena

7 Okt 2023 - 22.59
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Foreign Exchange Reserves, Debt, and Rupiah Exchange Rate

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Bisnis, JAKARTA— Indonesia's foreign exchange reserves have continued to decrease and have reached their lowest level since December 2022. This decline is primarily a result of efforts to stabilize the rupiah exchange rate and meet government debt obligations. 

In September 2023, Indonesia's foreign exchange reserves were reported at $134.9 billion, representing a decrease of $2.2 billion compared to the previous month's position of $137.1 billion. 

Head of the Communications Department at Bank Indonesia (BI) Erwin Haryono emphasized that this reduction was driven by government debt repayments and efforts to maintain the stability of the rupiah exchange rate. Despite this decrease, he pointed out that the reserves are still relatively high.

Erwin noted that Indonesia's foreign exchange reserves, standing at $134.9 billion at the end of September 2023, remain at a relatively high level. This figure represents a decrease compared to the reserves at the end of August 2023, which were at $137.1 billion, and even a further decrease from the July 2023 position of $137.7 billion. 

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