Foreign Exchange Reserves Depressed Coal Export Ban
The position of foreign exchange reserves at the end of January 2022 decreased by US$3.6 billion compared to the position in December 2021.
Bank Indonesia (BI) noted that the position of foreign exchange reserves in January 2022 was US$141.3 billion, down from the previous month's position of US$144. .9 billion. BI said that the decline in foreign exchange reserves was influenced by the need for payment of government foreign debt and the reduction in foreign currency placements by banks at BI, in anticipation of the need for foreign exchange liquidity in line with improving economic activity. Bank Mandiri economist Faisal Rachman said the last coal export ban policy also helped to restrain the increase in foreign exchange reserves in January 2022. "We see that the decline in foreign exchange reserves in January 2022 was also partly due to a decline in exports amid the coal export ban to fulfill the Domestic Market Obligation [DMO]. , ". Faisal views, this year's foreign exchange reserves will remain high, although not as high as last year. This is due to the current account balance which is predicted to experience a deficit again, in line with imports which are expected to increase. Meanwhile, Indonesia's balance of payments is estimated to still record a surplus this year, although not as high as last year.
|•SOURCE•| Articles :BISNIS | Image :COLLEGE DEKHO |
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