MONAY MATTERS

MONAY MATTERS

Indonesia's gross foreign exchange reserves rose to US$28.08 billion as of Nov. 23 from $27.73 billion the week before, due to state revenues received from oil and gas exports during the period. Net foreign exchange reserves rose to Rp128.79 trillion from Rp125.85 trillion a week earlier, based on Bank Indonesia's constant exchange rate of Rp7,000. --Dow Jones

The weighted average interest rate on one-month Sertifikat Bank Indonesia notes rose slightly at the weekly auction Wednesday, the central bank said. The one-month SBI notes stood at 17.60 percent, up from 17.59 percent at last week's auction, Bank Indonesia said. BI said it accepted Rp14.05 trillion in bids at the auction, or 99.8 percent of total bids. --Dow Jones

An investment arm of the Singapore government said it has bought some 3.9 million additional shares of Indonesia's auto giant PT Astra International, but remains a minority shareholder. In a letter to the Jakarta Stock Exchange obtained by Reuters on Wednesday, the Government of Singapore Investment Corp. said it bought 3.9 million shares of Astra on Nov. 21, raising its stake to 5.42 percent from 5.26 percent. --Reuters

Japan is planning to provide 2.0 billion yen (US$16.15 million) in grants to India, which has seen its economy worsen since the Sept. 11 attacks against the United States, NHK public television said on Wednesday. The assistance would be Japan's first provision of new aid to India since it suspended economic sanctions against the country last month. --Reuters

South Korea's economy is likely to bounce back and grow between four and five percent next year, President Kim Dae-jung said on Wednesday. Kim told Reuters in an interview he favored more flexible policies to safeguard growth in one of Asia's best performing economies. He also vowed to leave the fate of unsound "chaebol" conglomerates to market forces. --Reuters

The IMF and the World Bank have agreed to provide Tanzania with a total US$3 billion in debt relief under an initiative for the world's most indebted nations, the two organizations announced Tuesday. Tanzania is the fourth to qualify for debt reduction under the World Bank and International Monetary Fund's Heavily Indebted Poor Countries initiative, after Bolivia, Mozambique and Uganda. --AFP

Vietnam's National Assembly is expected on Wednesday to approve a historic trade agreement with the United States that will give it access to the world's biggest market at the same low tariffs enjoyed by most nations. The agreement, expected to take effect at the start of next year, will finally remove Washington's former enemy from a small group of states, including North Korea, Afghanistan, Serbia and Cuba, denied normal trade relations with the United States. --Reuters

Mexico, whose leaders have often condemned anti-globalization protesters, has become the first country to offer to host a World Trade Organization ministerial meeting in 2003, officials said on Tuesday. Trade envoys say South Africa has informally expressed an interest in hosting the meeting, which is likely to attract large numbers of anti-globalization protesters. --Reuters

Growth in the euro-zone money supply, which the European Central Bank views as a key indicator of future inflation, accelerated further in October, data published on Wednesday showed. But analysts said the development would not necessarily reduce the chances of further rate cuts in the 12-country euro zone, because the data were still being distorted by special factors. --AFP

Credit rating agency Standard and Poor's (S and P) said Wednesday it will place 12 Japanese banks on credit watch with negative implications citing their feeble finances and crippling bad loan burden. "Japan's banking sector will likely require additional direct government capital injections of up to three percent of GDP (gross domestic product) to remain solvent," the U.S. risk evaluator said in a statement when it downgraded Japan's sovereign debt ratings. --AFP

Oil prices tilted lower on Wednesday after weekly data from the United States showed inventories rising and demand slowing. U.S. stocks of gasoline and heating oil swelled sharply last week as high refinery production and lower demand piled up surplus fuel, the American Petroleum Institute (API) said in a report released after the close of business on Tuesday. Brent crude traded in London fell 24 cents to $18.78 a barrel. -- Reuters