Indonesia’s foreign exchange reserves shrunk by $3.9 billion last month as the central bank sold some of the reserves to prop up the rupiah.
The reserves fell to $111.6 billion at the end of March, compared to $115.5 billion a month earlier, Bank Indonesia data showed on Tuesday.
“We saw that the rupiah reached 13,045 against the US dollar last month. So, it’s the central bank’s duty to intervene,” said Lana Soelistianingsih, an economist at Samuel Aset Manajemen.
The reserves “adequately cover” 6.9 months of imports, or 6.6 months of imports and foreign debt payments, said Peter Jacobs, the director of communication department at Bank Indonesia.
original source: http://thejakartaglobe.beritasatu.com/business/foreign-reserves-drop-bank-indonesia-intervenes-rupiah/