Indonesia: FX reserves rose markedly in March – UOB

Economist at UOB Group Enrico Tanuwidjaja and Junior Economist Agus Santoso review the latest FX reserves prints in Indonesia.

Key Takeaways

“Indonesia’s foreign exchange reserves increased USD4.9bn to USD145.2bn in Mar 2023.”

“The latest reserve level was equivalent to finance 6.4 months of imports or 6.2 months’ worth of imports and servicing the government’s external debt, well above the international adequacy standard of 3 months of imports.”

“Implementation of foreign currency monetary operation through export receivables’ placement in the onshore market (TD DHE) has succeeded in attracting a foreign exchange of USD364mn as per first week of Apr.”