Thursday, May 9, 2013

Foreign Exchange Reserve Rose in April

Indonesia foreign exchange reserve at the end of April rose to $107.27 billion from the previous month, which stood at $104.8 billion.

According to central bank's top official Darmin Nasution, the issuance of global bond done by the government earlier of the month was mostly attributable to the increase.  

On April 9, Indonesia sold $3 billion of 10- and-30 dollar bonds, the first time it tapped global market for this year, in an attempt to help finance budget deficit, which predicted to reach nearly 3% of gross domestic product. 

Initially, the deficit was targeted at around 1.65%. Later, the government increasing it due to burgeoning fuel subsidy, which could hit almost IDR 300 trillion in 2013.

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