Net forex reserves rise again to $15b

JAKARTA (JP): Bank Indonesia's (BI) net foreign exchange reserves rose by US$731.6 million to $15.05 billion on Jan. 22, up from the previous week's level of $14.32 billion.

The central bank said in its latest weekly report on Tuesday that the increase was the result of the disbursement of loans from the Overseas Economic Cooperation Fund and proceeds from oil and gas exports.

The increase maintains the net foreign exchange reserves above the International Monetary Fund's adjusted target for the week of $10.90 billion.

The central bank said its gross foreign assets also rose by $730.3 million to $24.58 billion.

BI's net claims on the government declined by Rp 76 billion ($8.4 billion) to minus Rp 17.73 trillion on Jan. 22. The decline was attributed to payment of the government's foreign loans.

The central bank's open market operations of selling short- term promissory notes resulted in an expansion of Rp 1.68 trillion, BI added.

Consequently, BI's net domestic assets declined by Rp 8.28 trillion to minus Rp 73.44 trillion on Jan. 22, down from minus Rp 65.16 trillion on Jan. 15.

BI said that the net domestic assets level was still below the IMF's adjusted target of minus Rp 33.58 trillion. (gis)

Table A: Foreign reserves (in million dollars)

Jan. 7 Jan. 15 Jan.22 ------------------------------------------------------------ Gross foreign assets 23,501.3 23,854.0 24,584.3 - Liquid reserves * - - - - Other reserves ** - - - Gross foreign liabilities 8,728.8 8,728.8 8,728.8 Net forward positions 0.0 0.0 0.0 Reserve against foreign currency deposits 808.4 802.8 801.5 ------------------------------------------------------------ Net international reserves 13,964.1 14,322.4 15,054.0

* 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)

Jan. 7 Jan. 15 Jan.22 ------------------------------------------------------------ Reserve money 74,359 78,066 77,096 - Currency in circulation 49,127 51,956 50,418 - Deposits at central bank 24,731 25,585 26,104 Net international reserves (Rupiah at constant rate) 139,641 143,224 150,540 (in million dollars) 13,964.1 14,322.4 15,054.0 Net domestic assets -65,282 -65,158 -73,444 - Net claims on government -8,328 -17,806 -17,730 - Net claims on IBRA 116,786 116,942 117,063 - Liquidity credits 17,540 18,856 19,420 (of which to Bulog) 5,876 6,821 7,268 - Open market operations -57,468 -51,935 -53,617

Source: Bank Indonesia