Official Reserve Assets High Enough in January: Central Bank

Jakarta: Bank Indonesia announced Thursday that the country’s official reserve asset position stood at $120.1 billion in January, declining by $0.6 billion compared to the previous month.

The official reserve asset position was equivalent to financing of 6.7 months of imports or 6.5 months of imports and servicing of government external debt.

"Well above the international standard of reserve adequacy of 3 months of imports," BI spokesperson Agusman said in a written statement received by Medcom.id.

The central bank believes that the official reserve asset position is able to support the external sector resilience and maintain macroeconomic and financial system sustainability.

"The decline in the reserve assets in January 2019 was mainly due to government external debt repayment," the spokesperson added.

Going forward, the central bank is confident that the official reserve assets remain adequate supported by confidence in stability of and the upbeat outlook for the domestic economy as well as positive export performance.

(WAH)

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