Foreign exchange reserves fall to US$15.8 billion

Foreign exchange reserves fall to US$15.8 billion

JAKARTA (JP): The country's net foreign exchange reserves fell
US$133.4 million to $15.8 billion as of Aug. 31, partly due to
foreign debt payments.

Bank Indonesia said on Friday in its latest weekly report that
the level of forex net reserves was still above the minimum
target of $14.3 billion set by the International Monetary Fund
(IMF).

Gross foreign exchange reserves also declined 146.2 million to
$26.8 billion.

The central bank said that the volume of primary money rose Rp
902 billion to Rp 78.99 trillion on Aug. 31 from Rp 78.08
trillion in the week ending Aug. 23.

The increase in primary money was partly due to payment of
civil servants' salaries while the open market operation caused a
contraction of Rp 2.3 trillion, the central bank added.

The debt payments and the payment of civil servants' salaries
raised the central bank's claims to the government by Rp 5.08
trillion to Rp 128.34 trillion.

Net domestic assets, as a result, increased Rp 1.9 trillion to
negative Rp 39.7 trillion. Although there was an increase, the
level was still below the adjusted target of Rp 28.9
trillion. (hen)