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JAKARTA - Indonesia's foreign exchange reserves during the first three months of this year reached 41.1 billion U.S. dollars, a figure never recorded before, Bank Indonesia (BI) Governor Burhanuddin Abdullah said on Wednesday. "This is the highest figure ever recorded since the founding of the republic of Indonesia," Antara news agency quoted Abdulah as saying when presenting the bank's first quarter evaluation.
The country's payment account performance in the period also improved as reflected by a higher surplus in its current as well as capital account, he said. However, he warned that the surplus in the payment account had to be continuously monitored considering that the surplus was more the result of a slowdown in non-oil imports, especially imports of raw materials needed to support Indonesia's exports so far which could affect export performance in the next period.
The rupiah exchange appreciated significantly at an average 9. 299 rupiah against the U.S. dollar or by 6.9 percent in the fourth quarter of 2005, he said. The appreciation of the rupiah was the result of international capital inflow and a decline in foreign exchange demand due to slow domestic economic actitivities. "In short term, efforts to manage investors' perception in the financial market become significant to prevent possible sudden capital outflow," he noted.
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