RI forex reserves drop to $16.33 billion

JAKARTA (JP): Indonesia's foreign exchange reserves dropped to US$16.33 billion at end of February from $17.07 billion on Feb. 16, and from $28.85 billion in July 1997 before the crisis, according to Bank Indonesia.

Miranda Gultom, the central bank's director for monetary and economic statistics and research, said in a statement yesterday the current forex reserves would be enough to finance the import of non-oil and gas products for four months.

In addition, she said, Indonesia had $1.87 billion in standby loans, which could be cashed at any time.

BI, however, did not elaborate on why the forex reserves had dropped.

Currency dealers said that the central bank may have used the reserves to defend the rupiah, which has been under speculative attack since the float of the baht in early July. Since then the rupiah has lost some 75 percent of its value against the U.S. dollar.

The following shows BI's gross foreign assets from December 1993 the end of February 1998. (08)

(Period; Gross foreign assets (in billion of U.S. dollars)): (End of Dec. 1993; 18.82), (End of Dec. 1994; 17.42), (End of Dec. 1995; 17.79), (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.; 21.42), (Jan. 15 1998; 20.39), (End of Jan. 1998; 19.06), (Feb. 16 1998; 17.07), (End of Feb. 1998; 16.33).

Source: Bank Indonesia