Indonesia’s August 2020 Forex Hits Record High

Indonesia's foreign exchange (forex) reserves reached a record high of USD 137.0 billion in August 2020, due to government borrowing, tax collection and oil and gas revenue, Bank Indonesia announced.

The figure superseded the previous record of USD 135.1 billion reported in July 2020 and is expected to allow the country to pay back foreign debt and nine months’ worth of imports. Bank Indonesia said in a statement that it sees the current forex levels as adequate for external and internal financial stability, while the Government of Indonesia pushes policy solutions for economic recovery.

The Government is currently tasked with raising IDR 900.4 trillion via sovereign debt in t...