Net int'l reserves up slightly
JAKARTA (JP): Bank Indonesia's net international reserves increased slightly by US$34.9 million to $14.44 billion as of July 17 compared to $14.40 billion the previous week, the central bank said yesterday.
It said in a statement that the increase resulted from a loan disbursement by the Asian Development Bank and foreign exchange revenue from the export of oil and natural gas.
It added that the reserve level was above the $13.8 billion minimum level allowed by the IMF.
Net domestic assets stood at minus Rp 73.19 trillion as of July compared to minus 71.56 trillion the previous week, BI said.
It said that the net domestic assets level was below the IMF maximum indicative target of minus Rp 69.2 trillion.
The Rp 1.63 trillion contraction in the net domestic assets level was primarily the result of lower net claims on the government and liquidity credit to domestic banks, the central bank said.
It added that the reduction in the two factors had a contracting effect on the reserve money, which declined by Rp 1.35 trillion to Rp 70.55 trillion during the week. (rei)
Table A: Foreign Reserves (in million dollars)
July 3 July 10 July 17
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Gross foreign assets 19,129.0 18,774.8 18,807.5
- Liquid reserves * 12,336.8 - -
- Other reserves ** 6,792.2 - -
Gross foreign liabilities 3,921.2 3,921.2 3,921.2
Net forward positions -34.0 -30.0 -30.0
Reserve against
foreign currency deposits 431.4 419.4 417.2
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Net international reserves 14,742.4 14,404.2 14,439.1
* 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)
July 3 July 10 July 17
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Reserve money 71,541 71,895 70,546
- Currency in circulation 53,712 53,220 51,863
- Deposits at central bank 16,940 17,725 17,754
Net international reserves
(Rupiah at constant rate) 147,424 144,042 144,391
(in million dollars) 14,742.4 14,404.2 14,439.1
Net domestic assets -74,816 -71,557 -73,192
- Net claims on government -51,832 -58,758 -63,310
- Net claims on IBRA 136,187 137,242 138,991
- Liquidity credits 19,309 19,309 19,302
(of which to Bulog) 7,615 7,596 7,579
- Open market operations -72,596 -75,263 -74,962
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Source: Bank Indonesia