BI's net forex reserves drop on yen fall
JAKARTA (JP): Bank Indonesia's net international reserves (NIR) declined by US$65.8 million on June 19 to $14.6 billion on June 12 due to overseas debt payment and the depreciation of the yen against the U.S. dollar, the central bank reported.
The NIR level of $14.6 billion, however, was still above the IMF requirement, BI said yesterday in a statement.
BI also said that the subsidized credit facility to finance the procurement of essential food commodities rose by Rp 313 billion to Rp 19.63 trillion on June 19 compared to Rp 19.31 trillion on June 12.
Liquidity injection for troubled banks under the Indonesian Banks Restructuring Agency (IBRA) rose to Rp 133.28 trillion from Rp 131.91 trillion, BI added.
The central bank also reported that money in circulation rose by Rp 193 billion to Rp 67.37 trillion, but was still below the maximum level allowed by the IMF. (rei)
Table A: Foreign Reserves (in million dollars)
June 5 June 12 June 19
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Gross foreign assets 19,012.1 19,051.4 18,978.0
- Liquid reserves * 12,412.4 12,457.3 12,193.4
- Other reserves ** 6,599.7 6,594.1 6,784.6
Gross foreign liabilities 3,921.2 3,921.2 3,921.2
Net forward positions -34.0 - 34.0 -34.0
Reserve against
foreign currency deposits 435.5 428.5 420.9
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Net international reserves 14,621.4 14,667.7 14,601.9
* 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)
June 5 June 12 June 19
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Reserve money 68,624 67,179 67,372
- Currency in circulation 51,596 50,459 50,148
- Deposits at central bank 16,164 15,842 16,309
Net international reserves
(Rupiah at constant rate) 102,350 102,674 102,231
(in million dollars) 14,621.4 14,667.7 14,601.8
Net domestic assets -32,381 -33,660 -33,420
- Net claims on government -37,772 -40,273 -44,968
- Net claims on IBRA 132,115 131,913 133,282
- Liquidity credits 19,299 19,312 19,625
(of which to Bulog) 7,404 7,404 7,634
- Open market operations -72,501 -72,420 -72,310
Source: Bank Indonesia