RI forex reserve up to $34.8b

JAKARTA: Indonesia's foreign exchange reserves increased by US$227.50 million in the second week of May to $34.08 billion, Bank Indonesia said.

The central bank said in a statement late last week that the increase was mainly attributed to the earnings from oil and gas.

The relatively stronger forex reserves is seen as a positive economic data giving confidence in the rupiah, which last week surged to an 11-month high of around Rp 8,545 per U.S. dollar.

The positive forest reserve data has also provided confidence to government officials and others in pursuing for a politically popular policy of ending the current role of the International Monetary Fund in designing the country's economic reform program. -- JP