Bisnis.com, JAKARTA — Foreign capital inflows, tax receipts, and foreign exchange (forex) earnings from oil and gas in May fell short of covering the rising demand for foreign debt repayments and Bank Indonesia's (BI) interventions to stabilize the rupiah.
As a result, the country’s forex reserves remained essentially unchanged from the previous month at US$152.5 billion. PT Bank Permata Tbk. (BNLI) Chief Economist Josua Pardede said the forex reserve position in May remained under pressure from the government’s external debt repayments and the BI’s efforts to stabilize the rupiah amid ongoing global financial market uncertainty.
