BI forex down $167 million

BI forex down $167 million

JAKARTA: Bank Indonesia said on Thursday that its foreign exchange reserves this week stood lower at US$27.79 billion -- or down US$167.20 million -- from the previous week.

The central bank said that foreign debt payments had contributed to the decrease of its foreign exchange reserves.

It added that primary money in circulation fell by Rp 5.32 trillion, as it stood at Rp 116.91 trillion for this week.

"The drop comes partly from the drop in banknotes and coins in circulation, and the return of public funds to the banking sector following the end of the holidays," central bank officials said.

Reflecting the drop in primary money, Bank Indonesia has been lowering its interest rates since early this year.

During Wednesday's auctioning, Bank Indonesia's benchmark rates fell to 17.21 percent from 17.37 percent a week before. -- JP