September was a good month for Indonesia's central bank. Reserves rose by $2.7 billion, to $95.7 billion, the highest monthly increase of the year. That represented an important normalization, because Indonesia was one of the most conspicuous casualties earlier this year of unease about US tapering, which had an especially damaging impact on emerging markets with large current account deficits. According to figures collated by Morgan Stanley, between April and July, Indonesia's central bank reserves were depleted by 13.58 percent. Over the same period, India's reserves fell by almost 5.5 percent, Thailand's by 3.4 percent and Malaysia's by 1.8 percent.
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