International reserves at the end of January 2011 reached USD112 billion. Indeed, the reserves have been depleted compared to mid 2011, but remain adequate to cover 6.3 month of imports and short-term government debt repayment.
This depletion merely reflects the process of recycling the international reserves in response to the depreciating pressure on rupiah during the last several months of 2011 triggered by mounting European debt crisis. As policy response to preserve macro and financial system stability, Bank Indonesia also implemented dual intervention strategy in the FX and government bond markets simultaneously.