Indonesias foreign exchange reserves rose by US$1.7 billion to US$124.95 billion as of late May 2017, fueled by a rise in tax receipts and foreign exchange earnings from oil and gas exports, according to Bank Indonesia (BI).

Proceeds from the auction of foreign currency-denominated Bank Indonesia Securities (SBBI) also added to the foreign exchange reserves, Executive Director of Bank Indonesia Communication Department, Tirta Segara, said in a short message text on Thursday.

The foreign exchange reserves are enough to finance 8.9 months of imports or 8.6 months of imports and repayments of the governments foreign debts, he said.

In addition, the foreign exchange reserves also exceed the international adequacy standard of 3 months of imports, he said.

“The foreign exchange earnings are more than enough to meet the demand for foreign exchange to repay the governments foreign debts and foreign currency-denominated SBBI which become due,” he said.

The central bank believed that the foreign exchange reserves are able to support the external sectors resilience and maintain the continuation of the countrys economic growth in the future.

source: antaranews.com