RI forex reserves decrease to $17.07b

JAKARTA (JP): Indonesia's foreign exchange reserves have decreased to US$17.07 billion as of Feb. 16 from $20.39 billion recorded on Jan. 15 and $28.85 billion at the end of June 1997, according to Bank Indonesia.

Miranda S. Goeltom, the central bank director responsible for monetary and economic statistics and research, said yesterday the current level of reserves was enough to finance non-oil and non- gas imports for 4.2 months.

In addition, Miranda said Indonesia still had $1.87 billion in stand-by loans, which could be cashed anytime the government needed.

Miranda, however, did not explain why the reserves were being depleted.

Currency dealers have said the central bank has been active lately defending the rupiah from continuous attack by intervening both in the spot and swap markets.

The rupiah has been under speculative attack since the devaluation of the Thai baht on July 2. Since then, the rupiah has lost more than 70 percent of its value against the U.S. dollar.

In an unprecedented move, Bank Indonesia decided in January to include all foreign exchange assets available to the central bank, including foreign exchange deposits by commercial banks and export drafts, for the official tally of foreign exchange reserves.

The following shows Bank Indonesia's gross foreign assets from Dec. 1993 to Feb. 16. (rid)

(Period; Gross foreign assets (in billions of U.S. dollars)): (End of Dec. 1993; 18.82), (End of Dec. 1994; 17.42), (End of Dec. 1995; 18.78), (End of Dec. 1996; 25.53), End of March 1997; 26.61), End of June 1997; 28.85), End of Sept. 1997; 27.56), Dec. 15 1997; 22.19), End of Dec. 1997; 21.42), Jan. 15 1998; 20.39), End of Jan. 1998; 19.06), Feb. 16 1998; 17.07).