Indonesia Reports USD2bn Rise in Forex Reserves

• Bank Indonesia announced on Tuesday the country’s foreign exchange reserves stood at USD139.4bn in January, an increase of USD2.2bn when compared to Dec 22.
• “The increase in the foreign exchange reserves in Jan 23 was propelled by the government’s global bond issuance and tax and services revenues,” central bank spokesman Erwin Haryono said in a statement.
• Erwin said the reserves were adequate to meet foreign exchange needs for six months of import and the government’s external obligations.
• Chief Economic Minister Airlangga Hartarto said last month the government considers holding foreign exchange revenues from export activities in Indonesia’s financial system for a certain period to strengthen the reserves.
• The government is drafting a regulation to determine “how much, from what sector, and for how long” foreign exchange revenues can be kept in the country, Airlangga said.

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