JAKARTA ⸺ The level of foreign exchange reserves managed by Indonesia’s central bank is “more than ample” to ensure external stability and guard the rupiah exchange rate, Governor Perry Warjiyo said in a pre-recorded remarks in a seminar on Wednesday.
Warjiyo also told the seminar, hosted by Fitch Ratings, that Southeast Asia’s largest economy was on track to grow by 4.3% to 5.3% this year and 5.2% next year, after GDP contracted 2.07% last year due to the coronavirus pandemic.
Bank Indonesia’s forex reserves at the end of February were $138.8 billion, a record high.
The rupiah, which has been weakening in the past month, fell nearly 0.5% on Wednesday to 14,540 a dollar, the weakest since November.
Reporting by Gayatri Suroyo and Tabita Diela; Editing by Kim Coghill; Reuters