Indonesian foreign exchange reserves rise to US$14.27b
JAKARTA (JP): Indonesia's net foreign exchange reserves rose mildly to US$14.27 billion as of Nov. 30 from $14.21 billion a week before mainly due to the disbursement of overseas loans and oil export revenues.
Bank Indonesia announced on Wednesday that reserves were well above the adjusted target agreed with the International Monetary Fund (IMF), which amounts to $10.86 billion.
Gross foreign exchange assets rose to $22.83 billion from $22.77 billion over the same period, the bank said.
The bank said net domestic assets (NDA) dropped by Rp 2.5 trillion (US$333 million) to minus Rp 71.53 trillion in the week ending Dec. 7 from minus Rp 69.03 trillion in the previous week.
That week's NDA was still below the IMF adjusted target of minus Rp 34.28 trillion.
The contraction in NDA resulted from the government's increasing reserves at the central bank, totaling Rp 26.34 trillion in the week ending Dec. 7 from Rp 25.17 trillion the previous week. That increase was attributed to incoming tax payments and oil export revenues.
BI's net claims on the Indonesian Bank Restructuring Agency (IBRA) declined by Rp 1.68 trillion to Rp 134.25 trillion, while liquidity credits increased by Rp 143 billion to Rp 17.28 trillion. (rid)
Table A: Foreign reserves (in million dollars)
Nov. 23 Nov. 30 Dec. 7
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Gross foreign assets 22,752.5 22,770.5 22,832.1
- Liquid reserves * - - -
- Other reserves ** - - -
Gross foreign liabilities 7,765.1 7,765.1 7,765.1
Net forward positions 0.0 0.0 0.0
Reserve against
foreign currency deposits 775.2 795.0 797.3
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Net international reserves 14,212.2 14,210.4 14,269.7
* 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)
Nov. 23 Nov. 30 Dec. 7
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Reserve money 72,791 73,076 71,161
- Currency in circulation 45,557 46,749 47,010
- Deposits at central bank 26,617 25,686 23,488
Net international reserves
(Rupiah at constant rate) 142,122 142,104 142,697
(in million dollars) 14,212.2 14,210.4 14,269.7
Net domestic assets -69,331 -69,028 -71,535
- Net claims on government -27,448 -25,174 -26,341
- Net claims on IBRA 136,032 135,936 134,253
- Liquidity credits 17,095 17,140 17,283
(of which to Bulog) 6,301 6,301 6,301
- Open market operations -57,007 -58,469 -59,446
Source: Bank Indonesia