Jakarta. Indonesia’s foreign exchange reserves dropped by $2.3 billion to $105.3 billion in July following concerted efforts by Bank Indonesia to prop up the slumping rupiah.

The reserve is currently enough to pay for 6.9 months’ worth of imports and debt payments, the central bank said in a statement.

“That was in line with Bank Indonesia’s commitment to remain in the market ... to support macroeconomic and financial system stability,” BI spokesman Tirta Segara said on Monday.

The government also issued 100 billion yen ($838 million) in bonds in July, which helped ease the pressure on the reserve, Tirta said.

The rupiah has been one of the worst-performing currencies in the world this year, having lost more than 14 percent of its value against the US dollar. It traded at 14,234 against the US dollar on Monday.

Add as a preferred source on Google +