RI forex reserves decrease to $17.07b<\/p>\n
JAKARTA (JP): Indonesia's foreign exchange reserves have
\ndecreased to US$17.07 billion as of Feb. 16 from $20.39 billion
\nrecorded on Jan. 15 and $28.85 billion at the end of June 1997,
\naccording to Bank Indonesia.<\/p>\n
Miranda S. Goeltom, the central bank director responsible for
\nmonetary and economic statistics and research, said yesterday the
\ncurrent level of reserves was enough to finance non-oil and non-
\ngas imports for 4.2 months.<\/p>\n
In addition, Miranda said Indonesia still had $1.87 billion in
\nstand-by loans, which could be cashed anytime the government
\nneeded.<\/p>\n
Miranda, however, did not explain why the reserves were being
\ndepleted.<\/p>\n
Currency dealers have said the central bank has been active
\nlately defending the rupiah from continuous attack by intervening
\nboth in the spot and swap markets.<\/p>\n
The rupiah has been under speculative attack since the
\ndevaluation of the Thai baht on July 2. Since then, the rupiah
\nhas lost more than 70 percent of its value against the U.S.
\ndollar.<\/p>\n
In an unprecedented move, Bank Indonesia decided in January to
\ninclude all foreign exchange assets available to the central
\nbank, including foreign exchange deposits by commercial banks and
\nexport drafts, for the official tally of foreign exchange
\nreserves.<\/p>\n
The following shows Bank Indonesia's gross foreign assets from
\nDec. 1993 to Feb. 16. (rid)<\/p>\n
(Period; Gross foreign assets (in billions of U.S. dollars)):
\n(End of Dec. 1993; 18.82),
\n(End of Dec. 1994; 17.42),
\n(End of Dec. 1995; 18.78),
\n(End of Dec. 1996; 25.53),
\nEnd of March 1997; 26.61),
\nEnd of June 1997; 28.85),
\nEnd of Sept. 1997; 27.56),
\nDec. 15 1997; 22.19),
\nEnd of Dec. 1997; 21.42),
\nJan. 15 1998; 20.39),
\nEnd of Jan. 1998; 19.06),
\nFeb. 16 1998; 17.07).<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ri-forex-reserves-decrease-to-1707b-1447893297",
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