Indonesia's forex reserves rise to $16.05 billion
JAKARTA (JP): Indonesia's net foreign reserves rose to US$16.05 billion in the week ending on May 7 from $16.02 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 higher revenue from oil and gas exports.
The central bank said the net international reserves were well above the $14.1 billion target set by the International Monetary Fund, which is organizing a bailout package for Indonesia.
Gross international reserves -- net foreign exchange reserves plus outstanding foreign exchange contracts -- increased to $26.05 billion from $26 billion the previous week.
Net claims on the Indonesian Bank Restructuring Agency increased to Rp 14.23 trillion from Rp 14.22 trillion the previous week, while net claims on the government rose by Rp 610 billion to Rp 124.61 trillion.
The central bank's open market selling of short-term promissory notes and rupiah on currency markets resulted in a gain of Rp 285 billion.
The central bank said net domestic assets during the week fell by Rp 251 billion to minus Rp 44.47 trillion.
It noted the level was below the IMF-adjusted target of minus Rp 30.04 trillion. (hen)
Table A: Foreign reserves (in million dollars)
April 23 April 30 May 7
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Gross foreign assets 25,804.8 26,004.2 26,054.1
- 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 800.9 798.2 815.5
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Net international reserves 15,816.3 16,018.4 16,051.0
* 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)
April 23 April 30 May 7
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Reserve money 73,671 75,420 75,915
- Currency in circulation 48,182 50,436 50,772
- Deposits at central bank 24,722 24,222 24,425
Net international reserves
(Rupiah at constant rate) 118,622 120,138 120,383
(in million dollars) 15,816.3 16,018.4 16,051.0
Net domestic assets -44,951 -44,718 -44,468
- Net claims on government 124,620 124,001 124,611
- Net claims on IBRA 14,219 14,226 14,236
- Liquidity credits 21,361 21,816 22,431
(of which to Bulog) 6,781 6,781 6,781
- Open market operations -75,994 -74,212 -73,927
Source: Bank Indonesia