Forex reserves slide to $15.80 billion
JAKARTA (JP): Bank Indonesia's net foreign exchange reserves declined US$88.8 million to $15.80 billion in the week ending June 15, compared to the previous week's level of $15.89 billion.
The central bank said in its weekly report released on Friday that the drop was mainly due to the repayment of the government's foreign debts and letters of credit.
BI said its net international reserves were still above the International Monetary Fund-adjusted target of $15.2 billion.
The bank said its gross foreign exchange reserves, however, increased $350.7 million to $26.3 billion during the week.
It said net claims to the government during the second week of June surged by Rp 178 billion to Rp 119.26 trillion, due partly to financing of the newly formed state financing company PT Nasional Madani.
Net domestic assets stood at minus Rp 42.38 trillion as of June 15, down Rp 588 billion from the previous week but still comfortably below the adjusted target set by the IMF at minus Rp 37.7 trillion. (cst)
Table A: Foreign reserves (in million dollars)
May 31 June 4 June 15
----------------------------------------------------------
Gross foreign assets 25,967.3 25,948.8 26,299.5
- Liquid reserves * - - -
- Other reserves ** - - -
Gross foreign liabilities 9,187.6 9,187.6 9,639.2
Net forward positions 0.0 0.0 0.0
Reserve against
foreign currency deposits 849.7 866.3 854.2
----------------------------------------------------------
Net international reserves 15,930.0 15,894.9 15,806.1
* 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)
May 31 June 4 June 15
---------------------------------------------------------
Reserve money 76,336 77,418 76,164
- Currency in circulation 51,006 52,416 50,432
- Deposits at central bank 24,575 24,325 25,070
Net international reserves
(Rupiah at constant rate) 119,475 119,212 118,546
(in million dollars) 15,930.0 15,894.9 15,806.1
Net domestic assets -43,139 -41,794 -42,382
- Net claims on government 121,239 119,080 119,258
(government bonds) 164,536 218,316 218,316
- Liquidity supports * 26,819 26,836 26,424
(net claims on IBRA) * 14,414 14,419 14,423
- Liquidity credits 24,758 24,909 25,347
(extended to Bulog) 8,201 8,201 8,393
- Open market operations -74,030 -70,835 -69,926
---------------------------------------------------------
* Not including interest
Source: Bank Indonesia