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Indonesia’s forex reserves rise to 140.3 bln USD in February

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Jakarta: Indonesia’s foreign exchange reserves increased to 140.3 billion U.S. dollars at the end of February from 139.4 billion dollars of the previous month, according to Bank Indonesia.

“Tax receipts and withdrawal of government’s foreign loans had an impact on increasing the position of foreign exchange reserves in February 2023,” said Executive Director of the Communication Department of Bank Indonesia, Erwin Haryono, on Tuesday.

The amount is above international adequacy standards and can finance 6.2 months’ worth of imports or 6.0 months’ worth of imports plus the repayment of government foreign debt.

The reserve assets remain adequate, according to Haryono, adding that it is supported by a solid domestic economic outlook, in line with the policy responses to maintain the macroeconomic and financial system stability and to support the national economic recovery process.

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