RI forex reserves surge

RI forex reserves surge

JAKARTA (JP): The country's net foreign exchange reserves surged by US$121.20 million to $18.63 billion in the week ending on April 7.

Bank Indonesia said in its latest weekly report on Wednesday that the increase was mainly due to revenue from oil exports.

The central bank also said the country's gross foreign exchange reserves increased by $119.90 million to $29.85 billion from $29.72 billion the previous week.

The primary money in circulation rose by Rp 1.30 trillion in the week to Rp 90.21 trillion from Rp 88.92 trillion in the previous week due to an increase in the hard currency.

Another factor was an increase in the reserves balance of commercial banks on deposit at the central bank. (hen)