Bank Indonesia meets IMF monetary targets
JAKARTA (JP): Bank Indonesia (BI) said yesterday that it met performance criteria for monetary indicators agreed with the International Monetary Fund (IMF) at the start of this month on April 24.
However, the central bank did not reveal what the IMF targets actually were.
The central bank vowed to maintain tight monetary policy to "help ease inflationary pressure and support efforts to strengthen the rupiah."
The central bank reported that Indonesia's net international assets were valued at US$14.31 billion on April 24, an improvement from the $13.57 billion reported on April 17.
It said the country's gross foreign assets rose to $17.8 billion, up from $17 billion, over the same period.
"The increase is due to export revenues and the disbursement of standby loans," Bank Indonesia director Subarjo Joyosumarto said, without disclosing how much the central bank had drawn on such loans.
The country's net domestic assets were valued at Rp 38.56 trillion (US$4.8 billion) on April 24, up from Rp 32.88 trillion on April 17.
Net domestic assets are the difference between reserve money and net international assets.
The director said the April 24 figure for net domestic assets was above the target set for the end of April, but he did not say what the target figure was.
The central bank said claims made against commercial banks under the supervision of the Indonesian Bank Restructuring Agency (IBRA) were recorded at Rp 101.85 trillion on April 24, down Rp 1.2 trillion from April 17.
It said the decline was due to improved liquidity in several of the banks under IBRA supervision.
The central bank said reserve money, money in circulation and bank deposits held in the central bank, was Rp 60.35 trillion on April 24, compared with Rp 58.09 trillion the previous week.
Money in circulation on April 24 was placed at Rp 44.12 trillion, compared to Rp 44.29 trillion on April 17.
Government deposits held at the central bank dropped by Rp 400 billion to Rp 27 trillion on April 24, down from Rp 28.63 trillion the previous week. (rid)
Table A: Foreign Reserves (in million dollars)
April 9 April 17 April 24
---------------------------------------------------------
Gross foreign assets 16,646.1 17,004.3 17,755.9
- Liquid reserves * 10,576.3 10,764.3 11,466.0
- Other reserves ** 6,069.8 6,240.0 6,289.1
Gross foreign liabilities 2,940.9 2,940.0 2,940.9
Net forward positions -34.0 -34.0 -34.0
Reserve against
foreign currency deposits 438.4 458.3 468.4
---------------------------------------------------------
Net international reserves 13,232.8 13,571.1 14,312.6
* Liquid gross foreign assets include gold, foreign securities, offshore deposits and special drawing rights.
** Other gross foreign assets include export drafts, deposits in the branches of domestic banks in offshores and deposits parked at foreign banks to guarantee letter of credits.
Table B: Monetary Indicators (in billion rupiah)
April 9 April 17 April 24
----------------------------------------------------------
Reserve money 61,752 58,093 60,346
- Currency in circulation 46,756 44,286 44,115
- Deposits at central bank 14,020 12,310 15,325
Net international reserves
(Rupiah at constant rate) 92,630 94,998 100,188
(in million dollars) 13,232 13,571 14,312.6
Net domestic assets -28,439 -32,883 -38,564
- Net claims on government -26,023 -28,626 -27,028
- Net claims on IBRA 97,030 103,045 101,849
- Liquidity credits 26,453 26,517 26,964
(of which to Bulog) 15,248 15,248 15,591
- Open market operations -37,878 -44,623 -45,197
- Net other items -116,714 -116,235 --
Source: Bank Indonesia