Indonesia's forex reserves slide to $15.93 billion
JAKARTA (JP): Indonesia's net foreign reserves inched down to US$15.93 billion in the week ending May 31, from $15.98 billion the previous week, the central bank said on Thursday.
Bank Indonesia said in its latest weekly report the fall in forex reserves was caused by the government's repayment of its foreign debt.
Net forex reserves, however, were still above the International Monetary Fund's adjusted target of $15.4 billion.
Meanwhile, Gross international reserves -- net foreign exchange reserves, plus outstanding foreign exchange contracts -- fell to $25.97 billion, from $26.02 billion the previous week.
The country's reserve money also rose to Rp 76.34 trillion, from Rp 73.95 trillion, mainly because of expanding liquidity credits and payment of civil servants' salaries.
Bank Indonesia's liquidity credits rose from Rp 24.19 trillion on May 21 to Rp 24.76 trillion on May 31, of which Rp 8.2 trillion was extended to Bulog, the State Logistics Agency.
Liquidity supports to cash-trapped banks fell from Rp 26.86 trillion to Rp 26.82, of which Rp 14.41 were claims on the Indonesian Bank Restructuring Agency.
Bank Indonesia's net claims on the government rose from Rp 119.27 trillion to Rp 121.24 trillion.
Open Market Operations resulted in a contraction of Rp 74.03 trillion.
The central bank said net domestic assets during the week rose by Rp 2.79 trillion to minus Rp 43.14 trillion -- still below the IMF-adjusted target of minus Rp 39.8 trillion. (rid)
Table A: Foreign reserves (in million dollars)
May 14 May 21 May 31
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Gross foreign assets 25,937.6 26,016.0 25,967.3
- 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 832.4 844.3 849.7
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Net international reserves 15,917.6 15,984.1 15,930.0
* 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)
May 14 May 21 May 31 ------------------------------------------------------------
Reserve money 75,393 73,950 76,336
- Currency in circulation 49,921 48,556 51,006
- Deposits at central bank 24,721 24,685 24,575
Net international reserves
(Rupiah at constant rate) 119,382 119,881 119,475
(in million dollars) 15,917.6 15,984.1 15,930.0
Net domestic assets -43,989 -45,931 -43,139
- Net claims on government 122,617 119,275 121,239
(government bonds) 164,536 164,536 164,536
- Liquidity supports * 26,856 26,819
(net claims on IBRA) * 14,265 14,289 14,414
- Liquidity credits 23,257 24,191 24,758
(extended to Bulog) 7,241 7,867 8,201
- Open market operations -73,476 -73,229 -74,030
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* Not including interest
Source: Bank Indonesia