Forex reserves rise slightly

JAKARTA (JP): Indonesia's net foreign exchange reserves increased by US$39.6 million to $16.05 billion as of Oct. 7, from $16.01 billion in the previous week, Bank Indonesia (BI) said on Monday.

The central bank said in its weekly report that the increase was attributed to revenue from the country's oil exports and disbursement of foreign loans.

BI said that the foreign exchange reserves were above the $14 billion adjusted net international reserves target set by the International Monetary Fund.

BI also said that gross international reserves, which are net foreign exchange reserves plus outstanding foreign exchange contracts, rose by 33.5 million to $26.94 billion in the same period.

The central bank also said that reserve money increased to Rp 82 trillion on Oct. 7, compared to Rp 81.3 trillion in the previous week.

BI said that the increase resulted from the salary payment of government employees. (rei)