BI net int'l reserves increase to $14.59b
BI net int'l reserves increase to $14.59b
JAKARTA (JP): Bank Indonesia's net international reserves as
of May 8 totaled US$14.59 billion, an increase of $276.3 million
from $14.31 billion the previous week.
The central bank said in its weekly economic indicators report
that the higher reserves were coming from the drawing of the
government's overseas loans.
BI's gross foreign assets also increased by $1.26 billion to
$19.03 billion on the back of an increase in securities and
export drafts held by the central bank.
The central bank said net international reserves were still
higher than the minimum level agreed with the International
Monetary Fund. But the bank did not mention the level.
BI also reported that its net domestic assets reached negative
Rp 40.36 trillion, indicating a contraction of Rp 2.66 trillion
from the level on May 1.
The contraction resulted from the decline in net claims on the
government and Indonesian Bank Restructuring Agency (IBRA), the
statement said.
BI explained that the contraction in net claims on the
government resulted from higher tax revenue and the drawing of
offshore loans.
The decline in net claims on IBRA followed the improving
liquidity of the banks under the supervision of the agency, it
added.
Bank Indonesia said net domestic assets were far below the
ceiling set by the IMF. Again the bank did not mention the
ceiling.
The central bank said that the improvements in NIR and NDA
figures were also reflected in the decline in reserve money by Rp
700 billion during the week.
Meanwhile, money in circulation shrank by Rp 950 billion,
indicating an inflow of the public's money into the banking
system, it said. (rei)
Table A: Foreign Reserves (in million dollars)
April 24 May 1 May 8
------------------------------------------------------------
Gross foreign assets 17,755.9 17,762.4 19,026.1
- Liquid reserves * 11,466.0 11,435.3 12,523.7
- Other reserves ** 6,289.1 6,327.1 6,502.4
Gross foreign liabilities 2,940.9 2,940.9 3,921.2
Net forward positions -34.0 -34.0 -34.0
Reserve against
foreign currency deposits 468.4 478.0 485.1
------------------------------------------------------------
Net international reserves 14,312.6 14,309.5 14,585.8
* 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 24 May 1 May 8
------------------------------------------------------------
Reserve money 60,346 61,489 60,801
- Currency in circulation 44,115 44,820 43,871
- Deposits at central bank 15,325 15,749 16,039
Net international reserves
(Rupiah at constant rate) 100,188 100,165 102,101
(in million dollars) 14,312.6 14,309.5 14,585.8
Net domestic assets -38,564 -37,702 -40,361
- Net claims on government -27,028 -27,624 -30,086
- Net claims on IBRA 101,849 101,826 101,400
- Liquidity credits 26,964 26,992 27,141
(of which to Bulog) 15,591 15,598 15,663
- Open market operations -45,197 -45,302 -45,174
Source: Bank Indonesia