On Thursday (07/07), Bank Indonesia (BI) recorded Indonesia’s foreign exchange (forex) reserves in June 2021 at USD137.1 billion. It was relatively stable compared to the previous month at USD136.4 billion. Other than tax and service revenue, June’s reserves position was also supported by Global Sukuk issuance. At the beginning of June, the government successfully launched Global Sukuk of USD 3 billion; USD 1.25 billion in 5-year maturity, USD 1 billion in 10-year maturity, and USD 750 million in 30-year maturity. The transaction was rated Baa2 by Moody’s Investor Service, BBB by S&P Global Ratings Services and BBB by Fitch Ratings. The Global Sukuk with 30-year maturity is actually the first for the Indonesian government, and also the first in the world. NHKSI Research sees that the stable forex reserves value will support BI in maintaining the volatility of Rupiah exchange rate.
Download full report HERE.