- AP Photo/Ahn Young-joon
VIVAnews – Indonesia’s foreign exchange reserves reach US$119 billion, went up from that of May 31, 2011, of US$118 billion. This increase was because of, among others, the strong capital inflow to Indonesia.
“The foreign exchange reserves amounted to US$119 billion. That is the provisional figure ten days ago,” said Bank Indonesia (BI) Governor Darmin Nasution when met by reporters today.
Darmin explained that the other reason of the rise in foreign exchange reserves was that the unemployment rate in the United States is yet to be confirmed. This made investors take away their capital and put it in developing countries including Indonesia. Another reason of the strong capital inflow to Indonesia, despite it was diminishing in the last few days, is the endorsement of quantitative easing.
“In any case, foreign exchange reserves is still influenced by the US economy with its quantitative easing. This actually lower the pressure upon capital inflow,” he said.
However, the difference between Indonesia’s growth and yield is still better than what developed countries expected. Darmin predicted that despite the capital inflow is still there, it would not be as much as that of the first semester of 2011.
The figure of foreign exchange reserves nearly touches the prediction for the end of year. Earlier, BI estimated the 2011 foreign exchange reserves to reach US$120 billion. However, only in the middle of the year the figure nearly comes to the year-end prediction.
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Translated by: Indah Lestari
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