RI forex reserves up to $16.17b

JAKARTA (JP): Indonesia's net foreign exchange reserves rose by US$66.70 million from $16.10 billion to $16.17 billion in the week ending on Oct. 22.

Bank Indonesia said in its latest weekly report the rise was partly due to an increase in oil and gas export revenues and the disbursement of foreign debts

The central bank said the country's net forex reserves exceeded the minimum target of $14.3 billion set by the International Monetary Fund.

Gross forex reserves, which are net foreign exchange reserves plus outstanding foreign exchange contracts, rose by $72.10 million to $27.07 billion.

The central bank also said the volume of primary (base) money dropped by Rp 813 billion to Rp 80.56 trillion in the week ending on Oct. 22, from Rp 81.37 trillion the previous week.

The drop was partly due to a drop in money in circulation and the amount of savings commercial banks deposited at the central bank, Bank Indonesia said.

The central bank also announced on Wednesday the weighted average interest rate on its one-month SBI promissory note dropped to 13.06 percent at the central bank's weekly auction, from 13.07 percent the previous week.

Bank Indonesia said it absorbed Rp 10.3 trillion at the auction.(hen)