RI forex reserves rise $286m

JAKARTA (JP): The country's net foreign exchange reserves rose by US$286 million to $16.81 billion in the week ending on Feb. 24.

Bank Indonesia said in its weekly report on Saturday the increase was mainly due to a loan disbursement from the Asian Development Bank and revenue from oil exports.

The central bank said the country's gross forex reserves also increased to $28.10 billion from $27.82 billion the previous week.

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

Money in circulation declined to Rp 82.84 trillion from Rp 85.82 trillion, partly due to the central bank's success in tightening the money supply by about Rp 2.22 trillion through its short-term SBI promissory notes.(hen)