Forex reserves fall to $15.6 billion

Forex reserves fall to $15.6 billion

JAKARTA (JP): The country's net foreign exchange reserves declined US$156 million to $15.58 billion as of Sept. 15 from $15.74 billion the previous week, partly due to foreign debt payments.

Bank Indonesia said 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.

The central bank said its gross foreign exchange reserves, which are net foreign exchange reserves plus outstanding foreign exchange contracts, also fell $170.3 million to $26.49 billion.

Net claims on the government were down Rp 1.41 trillion to Rp 126.88 trillion, due to receipts from oil and gas sales and taxes.

The primary money increased by Rp 313 billion to Rp 80.21 trillion, partly attributable to an increase in the local banks' clearing accounts in the central bank.

Open market operations expanded by Rp 1.77 trillion to minus Rp 84.96 trillion, mainly due to repayment of the matured Bank Indonesia promissory notes (SBIs).

Net domestic assets increased Rp 1.48 trillion to negative Rp 36.68 trillion as a result.

The central bank noted the level was below the IMF-adjusted target of minus Rp 25.6 trillion. (01)