UPDATE 1-Indonesia's end-08 forex reserves seen at $68.2 bln

(Adds details, quotes from cbank)

JAKARTA, April 7 (Reuters) - Indonesia's foreign exchange reserves are expected to rise to $68.2 billion by the end of 2008 from $56.92 billion at the end of last year, the central bank said in a statement on Monday.

The central bank said the higher foreign exchange reserves are expected to come from a surplus in the balance of payments this year.

"Indonesia's balance of payments in 2008 is estimated to reach a surplus $11.3 billion. By the end of 2008, the foreign exchange reserves are estimated at $68.2 billion," the central bank said in a statement.

Indonesia's foreign exchange reserves have steadily increased in recent years to record highs partly due to strong global demand for commodities such as palm oil and rubber.

But analysts are concerned slowing global economic growth could impact this year's exports.

Indonesia's foreign exchange reserves are still small compared to other Asian countries such as neighbouring Malaysia and China. (Reporting by Andreas Ismar, writing by Tyagita Silka, editing by Sugita Katyal)