Forex reserves up to US$15.8 billion

Forex reserves up to US$15.8 billion

JAKARTA (JP): Indonesia's net foreign exchange reserves increased by US$207.4 million to $15.79 billion as of Sept. 23, from $15.58 billion the previous week, according to Bank Indonesia's weekly report.

Bank Indonesia said in its report the increase was partly due to foreign loan disbursement and receipts from oil and gas exports.

The level of forex net reserves was above the adjusted target of $14 billion set by the International Monetary Fund, the central bank said.

It said its gross foreign exchange reserves, which are net foreign exchange reserves plus outstanding foreign exchange contracts, are also up $207.1 million to $26.70 billion.

Primary money declined by Rp 1.73 trillion to Rp 78.47 trillion partly due to the decrease of currency in circulation and to local banks clearing accounts.

Open market operations during the week ended on Sept. 23, causing a contraction of Rp 2.53 trillion in net domestic assets.

The central bank said that the bank's liquidity credit increased by Rp 64 million, mainly due to the disbursement of credit programs. (01)