Indonesia end-2007 forex reserves up 34 percent at 57.04 billion US dollars
JAKARTA (Thomson Financial) - Indonesia's foreign exchange reserves surged 34 percent to 57.04 billion US dollars at the end of 2007 from a year earlier, driven by a rise in government revenue from oil exports on the back of soaring oil prices, Bank Indonesia said Monday. "The reserves' increase basically reflects the impact of higher oil prices," Bank Indonesia deputy governor Budi Mulya told Thomson Financial. Data posted on the central bank's website showed forex reserves rose in December from 42.59 billion dollars at the end of 2006, and from 54.90 billion dollars at end-November 2007. Base money increased to 379.58 trillion rupiah at end-December from 311. 17 trillion rupiah at end-November, as both money in circulation and banks' minimum reserves placed at the central bank were up during the month. Compared to a year earlier, base money was up 28 percent. (1 US dollar = 9,424 rupiah)
