BI forex reserves up again to $15.1b

JAKARTA (JP): Bank Indonesia announced on Wednesday the country's net foreign exchange reserves rose slightly to US$15.1 billion as of Jan. 29, from $15.05 billion a week earlier.

The central bank attributed the increase to the disbursement of offshore loans and the government's revenues from non-oil exports.

It said net international reserves were well above the target agreed to with the International Monetary Fund of $10.90 billion.

Gross international reserves, which are net foreign exchange reserves plus outstanding foreign exchange contracts, rose to $24.62 billion from $24.58 billion.

Its liquidity support to ailing banks under the Indonesian Bank Restructuring Agency fell to Rp 115.463 trillion from Rp 117.063 trillion a week before as some banks paid back debts to the central bank.

The government's account at Bank Indonesia rose Rp 6.5 trillion to Rp 24.25 trillion due to disbursement of loans from the Overseas Economic Cooperation Fund, oil exports and tax revenues.

The central bank's open market operation resulted in a contraction of Rp 3.5 trillion.

As a result, net domestic assets increased Rp 2.7 trillion to minus Rp 76.1 trillion, well below the adjusted IMF target of Rp 33.57 trillion.