Indonesia enjoys US$1.1 billion surplus balance of payments
Denpasar, Bali (ANTARA News) - Indonesia`s balance of payments experienced a surplus of US$1.1 billion in the third quarter of 2007, or much higher than the previous prediction of US$0.4 billion, a central bank official said here on Friday.
"The current account transactions positively contributed US$2.9 billion to the surplus in the balance of payments," Economic Research and Monetary Policy Affairs Director of Bank Indonesia (BI), Made Sukada, told a seminar here.
Sukada said that the positive development was also attributed to the good national exports which significantly also boosted the economic performance.
He said that various economic turbulences and the weakening of economies in industrialized countries brought changes to the orientation of regional export market in Asia and ASEAN in particular.
Sukada said that Indonesia also diversified its export destinations to China and India. Previously, Indonesia`s exports were focused on destinations in advanced nations.
In the meantime, capital and financial transactions suffered a deficit of US$0.7 billion, but the figure was smaller than that in the third quarter of 2006 which stood at US$1.2 billion.
The deficit was caused by increasing inflow of foreign investment and portfolio capital.
According to Sukada, the country`s foreign exchange reserves at the end of 2007 amounted to US$56.9 billion or equal to 5.7 months of imports and the government`s external debt payments.(*)
"The current account transactions positively contributed US$2.9 billion to the surplus in the balance of payments," Economic Research and Monetary Policy Affairs Director of Bank Indonesia (BI), Made Sukada, told a seminar here.
Sukada said that the positive development was also attributed to the good national exports which significantly also boosted the economic performance.
He said that various economic turbulences and the weakening of economies in industrialized countries brought changes to the orientation of regional export market in Asia and ASEAN in particular.
Sukada said that Indonesia also diversified its export destinations to China and India. Previously, Indonesia`s exports were focused on destinations in advanced nations.
In the meantime, capital and financial transactions suffered a deficit of US$0.7 billion, but the figure was smaller than that in the third quarter of 2006 which stood at US$1.2 billion.
The deficit was caused by increasing inflow of foreign investment and portfolio capital.
According to Sukada, the country`s foreign exchange reserves at the end of 2007 amounted to US$56.9 billion or equal to 5.7 months of imports and the government`s external debt payments.(*)