RI forex reserves drop

JAKARTA (JP): Indonesia's net foreign exchange reserves dropped by US$31 million to $16.4 billion as of Dec. 30 from $16.7 billion a week earlier.

Bank Indonesia said in its weekly report on Monday that the drop was due to payment of the transportation cost for Indonesia's haj pilgrims to Mecca and repayment of foreign debts.

The country's net international reserves are well above the target of $14 billion agreed to with the International Monetary Fund.

The central bank said the country's gross foreign exchange reserves fell to $27.31 billion from $27.6 billion in the previous week.

The volume of primary money rose by Rp 15.08 trillion to Rp 101.79 trillion as of Dec. 30 from Rp 86.71 trillion, due to an increase in the money supply ahead of the year-end holidays. (hen)