Indonesia's Forex Reserves Reach USD95 Billion

JAKARTA, KOMPAS.com - Bank Indonesia (BI/the central bank) has estimated that Indonesia’s foreign exchange (forex) reserves could reach US$95 billion at the end of 2010.     

"The amount of forex reserves is good for the country’s present economic condition," BI Governor Darmin Nasution said at the Presidential Office here on Monday.     

The BI governor made the remarks after having a presentation on BI’s economic policy at the limited cabinet meeting.  "We have an estimate that the country’s foreign exchange reserves would amount to US$95 billion at the end of the year," he said.     

He also assured that Indonesia’s economic growth in 2010 would reach 6 percent, although the economic growth in the third quarter of 2010 was below the target. "But it will reach six percent at the end of the year," he stressed.     

During his presentation before President Susilo Bambang Yudhoyono, Darmin also said that all banks in Indonesia now had good and healthy conditions. In the near future, he said, BI will issue a number of banking policies aimed at increasing efficiency in the banking sector so that banks would in stages be able to cut their landing rates.

According to him, the regulations are also expected to help generate the development of the Islamic-based sharia banks.