Net forex reserves rise to $14.28b
JAKARTA (JP): Bank Indonesia's (BI) net international reserves rose by US$13.7 million to $14.28 billion in the week ending Dec. 15 from the previous week's $14.27 billion, the central bank announced on Thursday.
Bank Indonesia attributed the surge in the net international reserves to disbursement of foreign loans and foreign exchange revenue from oil and natural gas exports.
The central bank said in a statement that the level was above the adjusted target of $10.86 billion.
It said its net domestic assets as of Dec. 15 were still below the Rp 34.28 trillion indicative target set by the International Monetary Fund (IMF). It dropped by Rp 369 billion to minus Rp 71.90 trillion over the previous week.
Bank Indonesia added that gross international reserves, which are net foreign exchange reserves plus outstanding foreign exchange contracts, rose to $22.85 billion from $22.83 billion a week earlier.
BI said its net claims on the Indonesian Bank Restructuring Agency (IBRA) rose by Rp 2.22 trillion to Rp 136.47 trillion in the week ending Dec. 15, compared to the previous week's level of Rp 134.25 trillion.
BI's liquidity credits expanded by Rp 602 billion to Rp 17.88 trillion in the week ending Dec.15, from Rp 17.28 trillion in the previous week, mainly as a result of increased extended to cooperatives and small farmers and to the State Logistics Agency (Bulog). (gis)
Table A: Foreign reserves (in million dollars)
Nov. 30 Dec. 7 Dec.15
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Gross foreign assets 22,770.5 22,832.1 22,847.1
- Liquid reserves * - - -
- Other reserves ** - - -
Gross foreign liabilities 7,765.5 7,765.1 7,765.1
Net forward positions 0.0 0.0 0.0
Reserve against
foreign currency deposits 795.0 797.3 798.6
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Net international reserves 14,210.4 14,269.7 14,283.4
* 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)
Nov. 30 Dec. 7 Dec. 15
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Reserve money 73,076 71,162 70,930
- Currency in circulation 46,749 47,010 45,968
- Deposits at central bank 25,686 23,488 24,349
Net international reserves
(Rupiah at constant rate) 142,104 142,697 142,834
(in million dollars) 14,210.4 14,269.7 14,283.4
Net domestic assets -69,028 -71,535 -71,904
- Net claims on government -25,174 -26,341 -28,576
- Net claims on IBRA 135,936 134.253 134,474
- Liquidity credits 17,140 17,283 17,885
(of which to Bulog) 6,301 6,301 6,734
- Open market operations 58,469 -59,446 -60,853
Source: Bank Indonesia