Highlights of November’s Forex Reserves
Indonesia’s forex reserves amounted to USD117.2 billion in November. The figure was higher than October forex reserves of USD115.2 billion and the highest since the last 3 months.
Better Bond Markets and BI’s Intervention
The increase in November’s forex reserves was backed by the government’s success in selling the government bonds (SUN) to global markets. The Indonesian government secured USD3 billion from the sales. The proceeds from the sales are sufficient enough to fund the 2019 state budget (APBN). The rupiah appreciation had Bank Indonesia (BI) to aggressively buy USD so that it absorbed USD1.63 billion from markets. BI’s intervention is the catalyst for supporting the hike in November’s forex reserves.
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