RI gross foreign assests grow slightly to US$16.8b

JAKARTA (JP): The nation's gross foreign exchange reserves were US$16.8 billion as of April 15, a slight increase from $16.59 billion recorded at the end of March and $16.6 billion on March 13, Bank Indonesia said yesterday.

Central bank director Achjar Iljas said that the current reserves were enough to finance non-oil and gas imports for 4.3 months.

He said the rise was partly attributable to revenues from non- oil and gas exports amounting to $77 million and the withdrawal of standby loans amounting to $60.1 million.

He added that as of April 15, Bank Indonesia still had standby loans of $985.8 million at various international commercial banks.

Achjar also announced that the amount of the country's net international reserves (NIR) stood at $13.3 billion as of April 15, up from $13.18 at the end of March.

NIR excludes the central bank's gross liabilities or all foreign debts which will mature within one year, net forward position or its forward transaction obligations, and foreign exchange deposits of banks at the central bank.

Below is the development of Indonesia's foreign exchange reserves in the past four years. (gis)

Period Gross Foreign Assets NIR

(US$ billion)

End of 1993 18.82

End of 1994 17.42

End of 1995 17.79

End of 1996 25.53

1997

End of March 26.61

End of June 28.85

End of Sept. 27.56 24.56

End of Oct. 24.59 22.33

End of Nov. 24.07 19.82

Dec. 15 22.19 18.86

End of Dec. 21.42 17.60

1998

Jan.15 20.39 16.43

End Of Jan. 19.06 14.03

Feb.16 17.07 13.11

End of Feb. 16.33 12.46

March 13 16.60 12.48

End of March 16.59 13.18

April 15 16.77 13.33