Forex reserves drop to $14.21b
JAKARTA (JP): Indonesia's net foreign exchange reserves dropped by US$21.3 million to $14.21 billion in the week ending Nov. 23 from $14.23 million in the previous week mainly due to repayments of the government's overseas debt.
Bank Indonesia said in a statement on Wednesday that gross foreign exchange reserves dropped by $10.4 million to $22.75 billion in the same week.
The amount is well above the adjusted target for net foreign exchange reserves set by the International Monetary Fund of $11.26 billion, the bank said.
The bank's reserves rose by Rp 1.38 trillion (US$185 million) to Rp 72.79 trillion on Nov. 23 due to an increase in the government's expenditure for the payment of salaries of the country's civil servants and its sovereign debts.
BI's net claims on the Indonesian Bank Restructuring Agency increased by Rp 279 billion to Rp 136.03 trillion, while its liquidity credits rose by Rp 258 billion to Rp 17.09 billion. The subsidy mainly went to cooperatives and farmers.
Net domestic assets increased by Rp 1.59 trillion to minus Rp 69.33 trillion. The amount is still below the adjusted target of minus Rp 39.56 trillion. (das)
Table A: Foreign reserves (in million dollars)
Nov. 6 Nov. 13 Nov. 23
-----------------------------------------------------------
Gross foreign assets 21,777.6 22,762.9 22,752.5
- Liquid reserves * - - -
- Other reserves ** - - -
Gross foreign liabilities 6,805.2 7,765.1 7,765.1
Net forward positions 0.0 0.0 0.0
Reserve against
foreign currency deposits 738.8 764.3 775.2
-----------------------------------------------------------
Net international reserves 14,233.6 14,233.5 14,212.2
* 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)
Nov. 6 Nov. 13 Nov. 23
-----------------------------------------------------------
Reserve money 71,839 71,411 72,791
- Currency in circulation 48,401 46,980 45,557
- Deposits at central bank 22,776 23,707 26,617
Net international reserves
(Rupiah at constant rate) 142,336 142,335 142,122
(in million dollars) 14,233.6 14,233.5 14,212.2
Net domestic assets -70,497 -70,924 -69,331
- Net claims on government -30,794 -32,441 -27,448
- Net claims on IBRA 135,438 135,753 136,032
- Liquidity credits 16,758 16,837 17,095
(of which to Bulog) 6,305 6,219 6,301
- Open market operations -52,835 -54,346 -57,007
Source: Bank Indonesia