Indonesia Reports Increase in Foreign Exchange Reserves at the End of June 2020

Bank Indonesia (BI) reported foreign exchange (forex) reserves of USD 131.7 billion at the end of June 2020, higher than the USD 130.5 billion reported at the end of May 2020.

According to a statement issued on the 7th of July 2020 by Onny Widjanarko, BI’s spokesman, the increase in forex reserves in June 2020 was largely attributed to the Government of Indonesia’s global Sukuk issuance.

According to BI, Indonesia’s forex reserves are sufficient to sustain the resilience of the external sector and maintain stability of the financial and macroeconomic system of the country. Widjanarko notes that the forex reserves are equivalent to financing up to 8.4 months of impo...