BI's net forex reserves rise to US$14.3 billion
JAKARTA (JP): Bank Indonesia (BI) announced on Thursday its net foreign exchange reserves rose by US$358.3 million to $14.32 billion on Jan. 15 from the previous week's level of $13.96 billion.
Its gross foreign assets also rose by $352.7 million to $23.85 billion.
BI attributed the increase to the disbursement of the Asian Development Bank's loans and proceeds from oil and gas exports.
On the domestic side, the central bank's net claims on the government declined by Rp 9.48 trillion to minus Rp 17.81 trillion on Jan. 15.
The decline was attributable to tax receipts, oil and gas export incomes and reimbursement of foreign loans.
The central bank's open market operations by selling short- term promissory notes resulted in an expansion of Rp 5.53 trillion, the report added.
Consequently, net domestic assets expanded by Rp 124 billion to minus Rp 65.16 trillion on Jan. 15 from minus Rp 65.28 trillion on Jan. 7.
BI said that the net domestic assets level was still below the International Monetary Fund's adjusted target of minus Rp 33.57 trillion for the week.
Table A: Foreign reserves (in million dollars)
Dec. 31 Jan. 7 Jan. 15
------------------------------------------------------------
Gross foreign assets 23,599.2 23,501.3 23,854.0
- Liquid reserves * - -
- Other reserves ** - -
Gross foreign liabilities 8,728.8 8,728.8 8,728.8
Net forward positions 0.0 0.0 0.0
Reserve against
foreign currency deposits 814.7 808.4 802.8
------------------------------------------------------------
Net international reserves 14,055.7 13,964.1 14,322.4
* 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)
Dec. 31 Jan. 7 Jan. 15
------------------------------------------------------------
Reserve money 75,121 74,359 78,066
- Currency in circulation 48,506 49,127 51,956
- Deposits at central bank 26,191 24,731 25,585
Net international reserves
(Rupiah at constant rate) 140,557 139,641 143,224
(in million dollars) 14,055.7 13,964.1 14,322.4
Net domestic assets -65,436 -65,282 -65,158
- Net claims on government -9,019 -8,328 -17,806
- Net claims on IBRA 119,673 116,786 116,942
- Liquidity credits 17,453 17,540 18,856
(of which to Bulog) 5,876 5,876 6,821
- Open market operations -58,833 -57,468 -51,935
Source: Bank Indonesia