BI's net domestic assets valued at minus Rp 30.81t
BI's net domestic assets valued at minus Rp 30.81t
JAKARTA (JP): Bank Indonesia's net domestic assets (NDA) were
valued at minus Rp 30.81 trillion (US$2.8 billion) as of May 15,
indicating a monetary expansion of Rp 9.54 trillion against the
previous week's level.
The central bank said in a statement yesterday that the May 15
level was, however, still within the maximum limits allowed by
the International Monetary Fund (IMF).
The bank said the expansion resulted from a Rp 11.3 trillion
injection into the financial market through a large-scale open
market operation on May 14 and May 15, when most banks did not
operate due to widespread rioting in the city.
However, the central bank absorbed more liquidity on May 18
and 19, totaling Rp 4.25 trillion through the government and
commercial banks under the supervision of the Indonesian Bank
Restructuring Agency (IBRA).
But the central bank's liquidity credits dropped by Rp 9.24
trillion to Rp 17.9 trillion because the State Logistics Agency
(Bulog) paid installments on some of their soft loans.
Base money expanded Rp 10.82 trillion to Rp 71.62 trillion
because of the expansion of NDA.
Net international reserves (NIR) increased slightly to
US$14.63 billion as of May 15 from the previous week's level of
$14.58 billion.
This was due to the lower position of commercial banks'
foreign exchange reserves, which is a subtracting factor in the
NIR calculation, BI said.
Bank Indonesia's gross foreign assets also rose to $19.04
billion on May 15 from $19.03 billion the previous week. (aly)
Table A: Foreign Reserves (in million dollars)
May 1 May 8 May 15
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Gross foreign assets 17,762.4 19,026.1 19,037.0
- Liquid reserves * 11,435.3 12,523.7 12,508.4
- Other reserves ** 6,327.1 6,502.4 6,528.6
Gross foreign liabilities 2,940.9 3,921.2 3,921.2
Net forward positions -34.0 -34.0 -34.0
Reserve against
foreign currency deposits 478.0 485.1 448.7
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Net international reserves 14,309.5 14,585.8 14,633.1
* 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)
May 1 May 8 May 15
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Reserve money 61,489 60,801 71,620
- Currency in circulation 44,820 43,871 43,360
- Deposits at central bank 15,749 16,039 27,303
Net international reserves
(Rupiah at constant rate) 100,165 102,101 102,432
(in million dollars) 14,309.5 14,585.8 14,633.1
Net domestic assets -37,702 -40,361 -30,812
- Net claims on government -27,624 -30,086 -31,779
- Net claims on IBRA 101,826 101,400 98,835
- Liquidity credits 26,992 27,141 17,897
(of which to Bulog) 15,598 15,663 6,403
- Open market operations -45,302 -45,174 -33,903
Source: Bank Indonesia