Indonesia’s forex reserves hit record high in July
Indonesia’s foreign exchange (forex) reserves increased to 135.1 billion USD in July, the highest level ever, following the government’s move to issue global bonds, Bank Indonesia (BI) has announced.
A US dollar bill is pictured behind a face mask . (Photo: Reuters)Jakarta (VNA) - Indonesia’s foreign exchange (forex) reserves increased to 135.1 billion USD in July, the highest level ever, following the government’s move to issue global bonds, Bank Indonesia (BI) has announced.
BI said in a statement that the foreign exchange reserves are adequate, supported by stability and a positive outlook for the economy, in line with various policy responses to push for economic recovery.
The rise in forex reserves in July was driven by the government’s global bonds issuance and government loans, according to the central bank.
Specifically, the government has raised 100 billion JPY (930 million USD) from the issuance of five-tranche samurai bonds to help cover the fiscal deficit and fund the coronavirus pandemic response in early July.
The government previously planned to raise 5.5 billion USD from loans from multilateral organisations in the second half of the year, after raising 1.8 billion USD in the first half from five multilaterals, including the World Bank and the Asian Development Bank (ADB)./.
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