The End of an Era of Abundant Foreign Exchange
Monday, August 28, 2023
Foreign exchange surplus is receding. But there is a hope that a huge fund will get back to the country during the elections campaign.
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THE heyday of foreign reserves surplus is receding. Throughout quarter 2 of 2023, Indonesia experienced a deficit in its current account balance. This means that during that period, the country had spent more foreign exchange to pay for transactions of goods and services than what it earned. Consequently, there was a deficit of US$1.93 billion. For comparison, in the first quarter of 2023, we still enjoyed a current account surplus of US$2.9
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