BI forex reserves fall slightly

BI forex reserves fall slightly

JAKARTA (JP): Bank Indonesia's foreign exchange reserves in
the fourth week of January 2001 dropped slightly to US$29.26
billion from $29.27 billion in the previous week, the central
bank said in its latest report.

The central bank said in a statement that the base money was
Rp 103.25 trillion, an increase of Rp 1.97 trillion from the
level on Jan. 23, 2001.

Bank Indonesia said that the increase was particularly caused
by an increase in the currency in circulation due to civil
servant's salary payment.

Open-market operations during the fourth week of January had
caused a decline in the money in circulation of Rp 4.63 trillion,
the bank said.

Bank Indonesia Liquidity Credit affected contractions of Rp
444 billion resulted from the repayment of some credits channeled
for horticulture, rice and secondary crops, it said.

The government's net account with Bank Indonesia declined by
Rp 6.2 trillion to Rp 134.4 trillion due to the payment of civil
servant's salary, payment of government bond coupons for bank
recapitalization and offshore loans' payment.(tnt)