Forex reserves rise to $16.40b

JAKARTA (JP): Indonesia's net foreign exchange reserves rose by US$123.80 million to $16.40 billion in the week ending Nov. 5.

Bank Indonesia said in its latest weekly report that the rise was partly due to an increase in oil and gas export revenues and the reimbursement of foreign debts.

The central bank said the country's net foreign exchange reserves exceeded the minimum target of $14.3 billion set by the International Monetary Fund (IMF).

Gross foreign exchange reserves, which are net reserves plus outstanding foreign exchange contracts, rose by $118.70 million to $27.26 billion.

The central bank also said the volume of primary (base) money dropped to Rp 82.77 trillion in the week ending Nov. 5 from Rp 82.85 trillion the previous week.

The drop was partly due to a decline in money in circulation and the amount of savings commercial banks deposited at the central bank, Bank Indonesia said.

Meanwhile, net domestic assets declined by Rp 1.01 trillion during the week ending Nov. 5 to reach Rp 39.88 trillion. (cst)