RI forex reserves rise to US$15.8 billion

JAKARTA (JP): The country's net foreign exchange reserves increased by US$1.4 billion to $15.8 billion in the week ending March 31, Bank Indonesia announced in its weekly report.

The central bank said on Monday the increase resulted from government oil and gas revenues and disbursement of foreign loans.

The latter include $458.8 million from the International Monetary Fund, $320 million from the Asian Development Bank, $529.7 million from Japan's Overseas Economic Cooperation Fund and $503.4 million from Japan's Exim Bank.

BI said the level was above the IMF adjusted net international reserve of $11.4 billion.

Gross forex reserves increased by $1.8 billion to $25.8 billion.

Government deposits in the central bank declined by Rp 346 billion, mainly due to payments for subsidized credit programs, time deposit guarantee at liquidated banks and servicing of foreign debt, BI said.

Net claims on the Indonesian Bank Restructuring Agency (IBRA) decreased by Rp 335 billion from the level the previous week, it said.

The central bank added that net domestic assets during the week declined by Rp 9.7 trillion to negative Rp 79.5 trillion.

It noted the level was below the IMF adjusted target of negative Rp 39.52 trillion. (rei)