Indonesia's forex reserves rise to $15.98 billion
JAKARTA (JP): Indonesia's net foreign reserves increased to US$15.98 billion in the week ending on May 21, from $15.92 billion the previous week, the central bank said in its latest weekly report.
Bank Indonesia attributed the increase in the country's net foreign reserves to oil revenues.
It said that the net international reserves were above the $15.4 billion target set by the International Monetary Fund (IMF).
Gross international reserves -- net foreign exchange reserves plus outstanding foreign exchange contracts -- increased to $26.02 billion from $25.93 billion the previous week.
Net claims on the Indonesian Bank Restructuring Agency increased slightly to Rp 14.29 trillion from Rp 14.26 trillion the previous week, while net claims on the government were down by Rp 3.34 trillion to Rp 119.28 trillion.
Open Market Operations expanded by Rp 247 billion to minus Rp 73.22 trillion mainly due to repayments at the maturity of the central bank certificate of deposit.
The central bank said net domestic assets during the week fell by Rp 1.94 trillion to minus Rp 45.93 trillion.
It noted the level was below the IMF-adjusted target of minus Rp 39.80 trillion. (udi)
Table A: Foreign reserves (in million dollars)
May 7 May 14 May 21
-----------------------------------------------------------
Gross foreign assets 26,054.1 25,937.6 26,016.0
- Liquid reserves * - - -
- Other reserves ** - - -
Gross foreign liabilities 9,187.6 9,187.6 9,187.6
Net forward positions 0.0 0.0 0.0
Reserve against
foreign currency deposits 815.5 832.4 844.3
------------------------------------------------------------
Net international reserves 16,051.0 15,917.6 15,984.1
* 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 7 May 14 May 21
----------------------------------------------------------
Reserve money 75,915 75,393 73,950
- Currency in circulation 50,772 49,921 48,556
- Deposits at central bank 24,425 24,721 24,685
Net international reserves
(Rupiah at constant rate) 120,383 119,382 119,881
(in million dollars) 16,051.0 15,917.6 15,984.1
Net domestic assets -44,468 -43,989 -45,931
- Net claims on government 124,611 122,617 119,275
- Net claims on IBRA 14,236 14,265 14,289
- Liquidity credits 22,431 23,257 24,191
(of which to Bulog) 6,781 7,241 7,867
- Open market operations -73,927 -73,476 -73,229
Source: Bank Indonesia