Global Pressure Looms as Forex Reserve Rises in May

Despite rising forex reserves, risks related to global uncertainty must remain a major concern during the first half of the year, especially related to risk-off sentiment amid “higher-for-longer” stance.

Maria Elena

8 Jun 2024 - 17.34
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Global Pressure Looms as Forex Reserve Rises in May

Bisnis, JAKARTA – Bank Indonesia (BI) recorded Indonesia's foreign exchange (forex) reserves at $139 billion (IDR2,254.8 trillion, at IDR16,222 per US dollar) at the end of May, marking an increase of $2.8 billion (IDR45 trillion) from $136.2 billion at the end of March.

BI spokesman Erwin Haryono said this development was influenced by tax and service receipts as well as the global issuance of government bonds.

"The gain was underpinned by among others, tax and services receipts as well as government bonds issuance," he wrote in a press release on Friday (7/6/2024).

Erwin added that the reserve assets position was equivalent to 6.3 months of imports or 6.1 months of imports and foreign debt payments, well above the international adequacy standard of about three months of imports.

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