BI's gross forex reserves up to $22.76b
JAKARTA (JP): Bank Indonesia's gross foreign exchange reserves rose by US$985.3 million to $22.76 billion in the week ending Nov. 13 from the previous weekly level, the central bank said on Wednesday.
The central bank attributed the increase to the withdrawal of the IMF extended loan arrangement.
BI said, however, that net international reserves (NIR) dropped by $100,000 primarily due to servicing government foreign debt and stabilizing the rupiah.
The NIR level of $14.23 billion was still above the adjusted NIR level of $11.26 billion targeted by the IMF, the bank said.
BI also said that its reserve funds declined by Rp 428 billion to Rp 71.41 trillion in the week due to a contraction in net claims on the government and open market operation.
Net claims on the Indonesian Bank Restructuring Agency increased by Rp 315 billion, it added.
It said that net domestic assets declined by Rp 427 billion to minus Rp 70.92 trillion, but this was still below the adjusted target of minus Rp 39.56 trillion.
The central bank also announced that its weekly auction of one-month SBI promissory notes absorbed Rp 7.1 trillion at a weighted average interest rate of 49.66 percent. Total bids were Rp 8.3 trillion. (rei)
Table A: Foreign reserves (in million dollars)
Oct. 30 Nov. 06 Nov. 13
--------------------------------------------------------------
Gross foreign assets 21,743.1 21,777.6 22,762.9
- Liquid reserves * - - -
- Other reserves ** - - -
Gross foreign liabilities 6,805.2 6,805.2 7,765.1
Net forward positions 0.0 0.0 0.0
Reserve against
foreign currency deposits 725.4 738.8 764.3
--------------------------------------------------------------
Net international reserves 14,212.5 14,233.6 14,233.5
* 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 offshore and deposits parked at foreign banks to guarantee letter of credits.
Table B: Monetary indicators (in billion rupiah)
Oct. 30 Nov. 06 Nov. 13
--------------------------------------------------------------
Reserve money 70,541 71,839 71,411
- Currency in circulation 47,956 48,401 46,980
- Deposits at central bank 21,913 22,776 23,707
Net international reserves
(Rupiah at constant rate) 142,125 142,336 142,335
(in million dollars) 14,212.5 14,233.6 14,233.5
Net domestic assets -71,584 -70,497 -70,924
- Net claims on government -25,424 -30,794 -32,475
- Net claims on IBRA 135,828 135,438 135,753
- Liquidity credits 15,603 16,758 16,837
(of which to Bulog) 6,305 6,305 6,219
- Open market operation -57,488 -52,835 -54,346
Source: Bank Indonesia