Jakarta: Indonesia’s official reserve assets stood at USD144.8 billion as of end-August 2021, increased from USD137.3 billion as of end-July 2021, according to Bank Indonesia (BI).
The position of official reserve assets was equivalent to finance 9.1 months of imports or 8.7 months of imports and servicing government’s external debt.
"Well above the international adequacy standard of three months imports," BI Communication Department Head Erwin Haryono said in a press release on Tuesday.
"Bank Indonesia considers that the official reserve assets position was able to support the external sector resilience and maintain macroeconomic and financial system stability," he added.
The increase of official reserve assets in August 2021 was mainly due to the additional IMF Special Drawing Rights (SDR) allocation of 4.46 billion SDR or equivalent to 6.31 billion US dollars to Indonesia.
In 2021, the IMF raises the SDR allocation and distributes it to all member countries, including Indonesia, in proportion to their respective quotas.
The general SDR allocation is aimed to support resilience and stability of global economy affected by the Covid-19 pandemics, build confidence, as well as strengthen global reserves.
The allocation of SDRs was distributed to IMF member countries at no cost.
"Moving forward, Bank Indonesia views that the official reserve assets remain adequate, supported by the stability and solid domestic economic outlook, in line with the policy responses to stimulate recovery of Indonesian economy," he concluded.
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