BI's net international reserve declines on debt payments

JAKARTA (JP): Bank Indonesia's net international reserve as of Aug. 7 declined by US$116.2 million to $14.08 billion from the previous week's level primarily due to repayments of the country's official foreign debt, the central bank reported yesterday.

It announced, however, that the reserve level was still above the minimum level allowed by the IMF.

It also said the decline in the net international reserve level had caused the reserve money in the first week of this month to fall to Rp 71.97 trillion.

The central bank's net domestic assets in the week expanded by Rp 530 billion to minus Rp 68.84 trillion, it added.

It also said the net domestic assets level was still in accordance with the IMF indicative target. (rei).

Table A: Foreign Reserves (in million dollars)

July 24 July 31 August 7 ------------------------------------------------------------ Gross foreign assets 19,536.6 19,527.4 19,403.3 - Liquid reserves * - - - - Other reserves ** - - - Gross foreign liabilities 4,896.4 4,896.4 4,896.4 Net forward positions 0.0 0.0 0.0 Reserve against foreign currency deposits 422.2 433.3 425.4 ------------------------------------------------------------ Net international reserves 14,218.0 14,197.7 14,081.5

* 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)

July 24 July 31 August 7 --------------------------------------------------------- Reserve money 72,130 72,605 71,973 - Currency in circulation 50,654 50,117 51,954 - Deposits at central bank 20,505 19,483 19,080 Net international reserves (Rupiah at constant rate) 142,180 141,977 140,815 (in million dollars) 14,218 14,197 14,081 Net domestic assets -70,050 -69,372 -68,842 - Net claims on government -58,154 -55,206 -53,026 - Net claims on IBRA 140,443 140,356 140,723 - Liquidity credits 19,575 19,380 17,638

(of which to Bulog) 7,669 7,669 7,669 - Open market operations -74,808 -72,232 -71,161

Source: Bank Indonesia