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Indonesia's forex reserves drop to US$120.3b at end-May: Bank Indonesia
[JAKARTA] Indonesia's foreign exchange reserves dropped by around US$4 billion to US$120.3 billion at the end of May due to the government's foreign debt payments as well as dividend payments by corporations, the central bank said on Thursday.
It was down from US$124.3 billion at the end of April.
The end-May reserves level is equal to 6.9 months of imports or 6.7 months of imports and foreign debt payments which is above an international standard of three months, Bank Indonesia (BI) said in a statement.
BI expects the forex reserves to remain adequate, supported by a stable economy and good economic prospects.