Indonesia Foreign Reserves at New High to Boost Rupiah War Chest
- Reserves saw the biggest increase in a year in December
- Rupiah still under pressure trading above 16,000 per dollar
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Indonesia’s foreign reserves rose to a fresh record of $155.7 billion in December, bolstering the central bank’s defenses to fight the relentless dollar strength and stabilize the rupiah.
Foreign reserves surged by $5.5 billion last month, the biggest gain in a year, Bank Indonesia data showed on Wednesday. The previous record was achieved in October. Higher receipts from taxes and services, oil and gas exports, and the government’s withdrawal of foreign loans helped increase the stockpile in December.