JAKARTA - The Indonesian Bank Restructuring Agency has raised as much as IDR26.1 trillion (EUR 2,47 billion) from its sales of assets this year, compared with a year-end target of IDR26 trillion, said IBRA Chairman Syafruddin Temenggung. He said in a statement that the funds are being used to help finance the country's 2003 budget deficit.
IBRA has raised IDR163.26 trillion from asset sales since it began operations, he said. The government agency was set up after the 1997-98 Asian financial crisis to clean up the banking sector. The Indonesian government hopes to close down IBRA by Feb. 27 and is now selling off the outstanding assets of troubled banks which have loans with IBRA. The agency plans to raise IDR5 trillion before its closure.