Indonesia's Foreign Rxchange reserves US$60 Million Lower

Jakarta (Antara) - Indonesia's foreign exchange reserves fell US$60 million by the end of September from US$111.224 billion a month earlier. The position of the country's foreign exchange reserves was relatively stable in September, Executive Director of Communications Department of Bank Indonesia Tirta Segara said here on Monday. Tirta attributed the decline to repayments of foreign debts and market intervention by the central bank to protect rupiah. The central banks has bought US dollar to protect rupiah from sharp fall. Tirta said foreign exchange revenues from the sales of global sharia bonds, and exports and increase in foreign exchange deposits in Indonesian banks were not enough to offset the decline caused by the debt repayment. The reserves by the end of September were enough to finance imports and service foreign debts for 6.5 months, or still above international adequacy standard of 3 monts, he said. "BI considers the developments in the foreign exchange reserves as positive in guaranteeing the sustainability of the country's economic growth," he said.(*)