STATISTICS

Indonesia's foreign exchange reserves plunged 14 per cent in February to US$16.33 billion--their lowest level since 1993--compared with January levels of US$19.06 billion, according to a statement from Bank Indonesia. Daniel Chan, Indonesian economic and currency expert at HongkongBank's economic research unit, says he believes that Indonesia's forex reserves could drop even further over the next month, due to political and economic uncertainties. Reserves have now plummeted by 43 per cent from the record high of US$28.85 billion at the end of June 1997. The rupiah has lost 73 per cent of its US dollar value in the past 12 months.

The Singapore International Monetary Exchange reports total trading volume for "deferred spot" Deutsche marks of 557 contracts for February 1998, with a daily average of 28 contracts and open interest of 73 positions. In January, total trading volume for "deferred spot" marks was 905 contracts, with daily volume of 43 contracts and open interest of 66 positions. The total volume for "deferred spot" Japanese yen in February 1998 was 421 contracts, with average daily volume of 21 contracts and 131 open interest positions at month-end. This compares with total volume of 738 contracts in January, and average daily volume of 35 contracts and open interest of 126 positions.

The Bank of Japan reports average daily dollar/yen turnover volume for the week ended March 6 was $14.19 billion, up from $13.79 billion reported the previous week ended February 27. Average daily dollar/mark turnover fell for the same period, to $3.73 billion, from $4.04 billion the previous week.