Indonesia's foreign currency reserves 700 mln USD lower in April

Indonesia's foreign currency reserves reduced by 700 million U.S. dollars to 110.9 billion dollars in April from 111.6 billion dollars recorded a month earlier due to increasing payment of foreign debts, a senior central bank official said here on Friday.

Government efforts to stabilize the exchange rate of national currency against U.S. dollar, which has been experienced steep decline in the last few months, was also contributed to the significant deduction, Spokesman of Indonesian Central Bank (Bank Indonesia) Peter Jacobs said.

Peter said that amount of the nation's current foreign currency reserves was enough to finance 6.9 months of imports, or 6.7 months of imports plus foreign debts payment.

He added that the level of Indonesian foreign currency reserves was still in secure condition as it stands above international adequacy limit standard of 3 months of imports.

"Bank Indonesia learned that the present amount of foreign currency reserves could sustain the nation's external sector and maintain the sustainability to reach higher growth in the future," he said.

By the end of March, Indonesia's foreign currency reserves declined 3.9 billion dollars from 115.5 billion dollars in February to 111.6 billion dollars. Endi