Indonesia’s foreign reserves increase despite interventions
Central bank attributes slight rise to higher tax revenues and says holdings are sufficient
Indonesia’s foreign reserves grew slightly last month despite sustained interventions to prop up the rupiah, a situation the country’s central bank attributed to increased tax revenues.
Bank Indonesia spokesperson Ramdan Denny Prakoso said via a statement today (July 7) that the bank held $145.6 billion worth of foreign reserves as of the end of June – a slight increase on the $144.9 billion it held at the end of May. Prakoso said this was enough to cover 5.4 months of imports and external public
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