The position of official reserve assets was equivalent to finance 9.4 months of imports or 9.0 months of imports and servicing government’s external debt.
"Well above the international adequacy standard of 3 months of imports," Bank Indonesia (BI) Communication Department Head Onny Widjanarjo said in a press release on Monday.
"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 stated.
The increase of official reserve assets in August 2020 was influenced by the Indonesian government’s foreign loan withdrawal as well as tax revenues, and oil and gas export proceeds.
Going forward, the central bank views that the official reserve assets remain adequate, supported by the stability and solid economic outlook, in line with the policy response to nurture economic recovery.