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NEWS UPDATES 27 July 2009

Indonesia has $56.9bn in forex reserves

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Indonesia’s foreign exchange reserves at present stand at $56.9 billion, down by $700 million from their June 30 position, state news agency Antara reported, citing a central bank deputy governor.

"The foreign exchange reserves now stand at $56.9 billion," Bank Indonesia (BI) Deputy Govenor Budi Mulya said.

He said that although the reserves slightly declined, their position remains safe. The BI deputy governor said that foreign exchange reserves` position could change any time in line with the need and developments of the economy.

Mulya said foreign exchange reserves were among others also used to intervene into the market to safeguard the value of the rupiah exchange rate against the US dollar.

They are also used to meet the need for foreign currencies in the payment of foreign loans.

He said that it was a main task of BI to help maintain the stability of the rupiah currency. Therefore, BI has to watch and prevent the deep fluctuations of the rupiah.

"The important thing is to protect the rupiah from exaggerated volatilities," he said, adding that the rupiah, which at present was gaining strength, happened to disturbed when JW Marriott and Ritz Carlton hotels in Jakarta were attacked with a bomb blast on Friday, July 17, 2009 last week.

BI Deputy Governor Hartadi A Sarwono said earlier that when the bombs went through at JA Marriott and Ritz Carlton, the Indonesian central bank was forced to make an intervention to offset market panic.



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