RI's net forex reserves rise to $15.25b

JAKARTA (JP): Indonesia's net international reserves (NIR) increased to US$15.25 billion as of Feb. 15 from $15.09 billion on Feb. 5, according to the central bank's latest weekly report.

Bank Indonesia, the central bank, said on Wednesday that the increase in the net foreign exchange reserves was attributed to the disbursement of a $159 million loan from the World Bank, one of the country's major donors and from oil and gas exports.

The central bank said that the new foreign exchange level is higher than the International Monetary Fund's adjusted target of $11.20 billion.

The country's gross international reserves, that is foreign exchange reserves plus outstanding foreign exchange contracts, rose to $24.78 billion from $24.62 billion.

It said that net claims on the Indonesian Bank Restructuring Agency (IBRA), which declined by Rp 1.56 trillion last week, increased by Rp 1.2 trillion to Rp 113.15 trillion.

The central bank said that the increase was partly due to a correction in the ailing banks' debt level reported in Dec. 31. (hen)