RI forex reserves rise to US$15.9 billion

JAKARTA (JP): The country's net foreign exchange reserves increased slightly by US$102.2 million to $15.9 billion on April 7 compared to the level in the previous week, Bank Indonesia said in its weekly report.

The central bank said on the weekend the increase resulted primarily from the proceeds of the privatization of state-owned port operator PT Pelindo II.

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

Gross forex reserves increased by $108.6 million to $25.9 billion, the bank added.

BI also reported that reserve money declined by Rp 1.6 trillion to Rp 77.1 trillion compared to the level in the previous week.

It explained that the decline was partly caused by a drop in currency in circulation and deposits at the central bank.

BI said that net domestic assets (NDA) increased by Rp 37.2 trillion to negative Rp 42.38 trillion.

The increase was primarily due to the change in the rupiah's exchange rate against the U.S. dollar in the calculation of the net forex reserves from Rp 10,000 per dollar to Rp 7,500 per dollar starting April 1, 1999, the central bank explained.

It added that the NDA level was still below the IMF adjusted target of Rp 39.52 trillion.

Separately, BI said in a media statement that the interest rate ceiling for rupiah one-month time deposits to be guaranteed by the government during the April 12 to April 18 period was 39 percent, 36 percent for 3-month, 34 percent for 6-month, 33 percent for 12-month and 24 percent for 24-month.

It said the interest rate ceiling for U.S. dollar one-month time deposits was 12 percent, and 11 percent for 3-month to 24- month time deposits.

BI added that the interest rate ceiling for the rupiah interbank money market was 33 percent, and 5 percent for the dollar interbank money market. (rei)