Indonesia’s central bank Bank Indonesia (BI) bagged the 2022 AsianInvestor’s Institutional Excellence Award for Best Asset Owner in the Southeast Asian region for being the best foreign exchange management institution.
“This award event, organized by AsianInvestor, appreciates BI’s achievements in developing operational aspects, innovation in asset management, and the ability to adapt to developments in financial markets and the economy,” Executive Director of the BI Communication Department Erwin Haryono said in his official statement in Jakarta, Friday.
Haryono remarked that this achievement was inseparable from BI’s policies, including the transformation of foreign exchange reserves conducted in a consistent, innovative and synergistic manner.
The award event was held on February 7, 2023. It is a form of appreciation for the performance and practice of foreign exchange management in Asia-Pacific institutions that are continuously making progress to strive to become better foreign exchange managers.
AsianInvestor is owned by Haymarket Limited, the largest publishing group in the United Kingdom (UK) that hosted the ninth edition of the Institutional Excellence Award in 2022.
Last month, BI Governor Perry Warjiyo had stated at the BI Annual Investment Forum 2023 in Jakarta that foreign exchange reserves are important as self-insurance capital against global turbulence, so that Indonesia maintains adequate foreign exchange reserves through foreign exchange reserve management reforms.
The foreign exchange reserve management reforms are intended to maintain the stability of the rupiah exchange rate and support sustainable economic growth, especially in the midst of uncertain global economic turmoil.
In the reform of the foreign exchange reserve management, the goal is not only to have sufficient foreign exchange reserves but also to be able to manage reserves while facing asset valuation in the midst of fluctuating global interest rates.
Indonesia’s foreign exchange reserves at the end of January 2023 had reached US$139.4 billion, an increase as compared to US$137.2 billion at the end of December 2022.