ID :
28674
Wed, 11/05/2008 - 19:11
Auther :
Shortlink :
http://m.oananews.org//node/28674
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RI'S FOREX RESERVES DOWN TO US$51 BILLION IN OCTOBER
Jakarta, Nov. 5 (ANTARA) - The amount of Indonesia's foreign exchange reserves reached around US$51 billion at the end of October 2008, down nearly US$7 billion from US$57.108 billion in September, a Bank Indonesia (BI or central bank) official said.
"The reserves have dropped to about US$51 billion," Hartadi A Sarwono, BI deputy governor, said here on Wednesday, adding that since July, 2008, they had decreased by around US$10 billion.
At the end of July 2008, the foreign exchange reserves stood at US$60.563 billion, the highest level reached since early 2008. In August, the foreign exchange reserves decreased to US$58.358 billion, and in September to US$57.108, down US$1.15 billion.
The country's foreign exchange reserves had dropped because they were among other things used to intervene in the money market in order to shore up the rupiah, he said.
The Indonesian currency had been weakening against the US dollar since last July.
According to BI's data, the rupiah traded at Rp9,072/Rp9,164 per US dollar at the end of July. However, On October 31, 2008, the rupiah plunged to Rp11,050/Rp10.940 per US dollar.
The rupiah was still fluctuating this week.
On October 31, the rupiah traded at Rp10,995 per US dollar and on November 3, 2008, the Indonesian currency strengthened to Rp10,800 per US dollar, but on November 4, it again nosedived to Rp11,102 per US dollar. On Wednesday (Nov. 5), it traded at Rp10.920 per US dollar.
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"The reserves have dropped to about US$51 billion," Hartadi A Sarwono, BI deputy governor, said here on Wednesday, adding that since July, 2008, they had decreased by around US$10 billion.
At the end of July 2008, the foreign exchange reserves stood at US$60.563 billion, the highest level reached since early 2008. In August, the foreign exchange reserves decreased to US$58.358 billion, and in September to US$57.108, down US$1.15 billion.
The country's foreign exchange reserves had dropped because they were among other things used to intervene in the money market in order to shore up the rupiah, he said.
The Indonesian currency had been weakening against the US dollar since last July.
According to BI's data, the rupiah traded at Rp9,072/Rp9,164 per US dollar at the end of July. However, On October 31, 2008, the rupiah plunged to Rp11,050/Rp10.940 per US dollar.
The rupiah was still fluctuating this week.
On October 31, the rupiah traded at Rp10,995 per US dollar and on November 3, 2008, the Indonesian currency strengthened to Rp10,800 per US dollar, but on November 4, it again nosedived to Rp11,102 per US dollar. On Wednesday (Nov. 5), it traded at Rp10.920 per US dollar.
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