Jakarta. Bank Indonesia reported that the country’s foreign exchange reserves rose to $140.2 billion at the end of June, up from $139 billion at the end of May.

Erwin Haryono, the central bank's spokesman, said the increase was driven by tax and service revenues, as well as the government's foreign loan withdrawals, amid efforts to stabilize the Rupiah's exchange rate in response to ongoing global financial market uncertainties.

The reserve position at the end of June is equivalent to financing 6.3 months of imports or 6.1 months of imports and government foreign debt payments, surpassing the international adequacy standard of around three months of imports, Erwin said in a press release on Friday. “BI assesses that these reserves are sufficient to support external sector resilience and maintain macroeconomic and financial system stability,” he said.

Looking ahead, Erwin said BI views the foreign exchange reserves as adequate to continue supporting external sector resilience. Positive export prospects and a projected surplus in the capital and financial accounts, reflecting positive investor perceptions of the national economic outlook and attractive investment returns, support the maintenance of external resilience.

“BI will also continue to strengthen synergy with the government to enhance external resilience, thereby maintaining economic stability to support sustainable economic growth,” Erwin added.

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