RI forex reserves up to US$29.28b

RI forex reserves up to US$29.28b

JAKARTA: Indonesia's central bank said Wednesday the country's gross foreign exchange reserves rose US$444.70 million to $29.28 billion at the end of June from a week earlier.

Bank Indonesia said the rise was mainly due to a loan disbursement by International Monetary Fund.

The central bank added that the base money supply rose Rp 5.06 trillion (US$574 million) to Rp 119.94 trillion from a week earlier due to the payment of civil servant salaries at month- end.

In late June the IMF agreed to disburse $358 million to Indonesia under a $5 billion loan program aimed at prodding the country into undertaking reforms that would strengthen its fragile economy. -- Dow Jones