Forex reserves rise to $17.1 billion
JAKARTA (JP): Indonesia's net foreign exchange reserves increased by US$39 million to $17.1 billion on July 23 compared to the previous week's level, according to Bank Indonesia's weekly report.
The central bank said in its report issued late Tuesday the increase was mainly due to receipts from gas and oil and the disbursement of foreign loans.
Net foreign reserves were now well above the IMF-adjusted target of $15.7 billion, the bank said.
The bank said its gross foreign exchange reserves also increased during the week by $43.9 million to $26.62 billion.
BI said reserve money dropped by Rp 2.07 trillion to Rp 74.9 trillion compared to the level in the previous week, due to contractions resulting from the open market operation.
Last week's open market operation during led to a substantial contraction of Rp 10.3 trillion, followed by a decline in the interest rate, reflecting the relative flexibility of banks' liquidity. (cst)
Table A: Foreign reserves (in million dollars)
July 7 July 15 July 23
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Gross foreign assets 26,870.9 26,575.1 26,619.0
- Liquid reserves * 22,163.1 22,049.2 22,593.8
- Other reserves ** 4,707.8 4,525.9 4,025.2
Gross foreign liabilities 9,639.2 9,639.2 9,639.2
Net forward positions 0.0 0.0 0.0
Reserve against
foreign currency deposits 843.6 829.0 834.3
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Net international reserves 16,388.1 16.106.9 16,145.5
* Liquid gross foreign assets include gold, foreign securities, offshore deposits and special drawing rights.
** Other gross foreign assets include export drafts, deposits in branches of domestic banks offshore and deposits kept in foreign banks to guarantee letters of credit.
Table B: Monetary indicators (in billion rupiah)
July 7 July 15 July 23
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Reserve money 78,132 76,972 74,900
- Currency in circulation 51,798 50,200 48,522
- Deposits at central bank 25,627 26,053 25,660
Net international reserves
(Rupiah at constant rate) 123,107 120,802 121,091
(in million dollars) 16,388.1 16,106.9 16,145.5
Net domestic assets -44,779 -43,830 -46,191
- Net claims on government 118,965 120,950 126,301
(government bonds) 218,316 218,316 218,316
- Liquidity supports * 25,676 25,674 25,681
(net claims on IBRA) * 14,439 14,440 14,437
- Liquidity credits 25,812 25,797 26,122
(extended to Bulog) 8,181 7,744 7,744
- Open market operations -77,685 -77,894 -88,174
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* Not including interest