Indonesia's forex reserves drop to $120.3 bln at end-May -cenbank

Credit: REUTERS/WILLY KURNIAWAN

Indonesia's foreign exchange reserves dropped by around $4 billion to $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.

JAKARTA, June 13 (Reuters) - Indonesia's foreign exchange reserves dropped by around $4 billion to $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 $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 3 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.

(Reporting by Tabita Diela; editing by Gopakumar Warrier)

((tabita.diela@thomsonreuters.com; +628561539032;))

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