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Indonesia 's Balance of Payment (BOP) in the Q4/2020 remained solid, thereby reinforcing external resilience. The
BOP recorded a low deficit at USD0.2 billion in the Q4/2020, supported
by the persistence of current account surplus amidst a low capital and
financial account deficit. Therefore, the BOP performance recorded a
USD2.6 billion surplus in 2020. The official reserve assets at the end
of December 2020 increased to USD135.9 billion, equivalent to 9.8 months
of imports and servicing government external debt, which is well above
the international adequacy standard.
The current account remained surplus in Q4/2020, supported by a larger goods trade balance surplus.
In Q4/2020, the current account recorded a surplus of USD0.8 billion
(0.3% of GDP), continuing the surplus in the previous quarter of USD1.0
billion (0.4% of GDP). The current account surplus was bolstered by a
surplus in the goods trade balance due to increased exports driven by
the improvement in global demand and commodity prices, amidst limited
increment of imports. Meanwhile, the services trade balance deficit
widened mainly triggered by the increase in the deficit of
telecommunications, computer, and information services, as well as the
deficit of transportation services trade as a result of rising freight
services payment as goods imports increased. In addition, the
improvement in the domestic economy in Q4/2020 affected an increase of
yield payments on direct investment, which drove a wider deficit of the
primary income account.
and financial account in Q4/2020 remained solid, primarily supported by
the surplus of direct investment and portfolio investment. In
Q4/2020, foreign capital inflows in direct investment and portfolio
investment were stronger in line with reduced global financial market
uncertainty, and positive investor perceptions towards the promising
domestic economic outlook being maintained. Direct investment posted a
USD4.2 billion surplus, increasing from the previous quarter, mainly in
equity capital instruments. In addition, portfolio investment also
recorded net inflows of USD2.2 billion, thus reversing the USD1.9
billion net outflow in the previous quarter. Such development was
primarily attributable to net capital inflows of the Rupiah government
debt securities (SUN). In contrast, other investments recorded a sizable
deficit in response to an increase in payments on maturing loans and
placement of private sector deposits and other assets abroad.
Consequently, the capital and financial account in Q4/2020 recorded a
low deficit of USD 0.9 billion (-0.3% of GDP).
2020 as a whole, the BOP performance recorded a surplus, thus
maintaining external sector resilience amidst the pressure of the
Covid-19 pandemic. In 2020, the BOP recorded a USD2.6 billion
surplus, continuing from USD4.7 billion surplus in the previous year.
Such development was supported by a decrease in the current account
deficit and surplus in the capital and financial account. The current
account deficit in 2020 stood at USD 4.7 billion (-0.4% of GDP), shrank
from USD30.3 billion (-2.7% of GDP) in 2019. The narrower current
account deficit was stemmed from limited export performance in
consequence of lower demand from trading partner countries affected by
the Covid-19, amidst restrained imports due to weak domestic demand.
Meanwhile, the capital and financial account in 2020 still recorded a
surplus of USD7.9 billion in line with the maintained optimism of
investors towards the domestic economic recovery and lower uncertainty
in the global financial markets, especially in the second half of 2020.
to steps taken for stabilization and the strengthening of the BI policy
mix, along with close coordination with the Government and Financial
Services Authority (OJK), foreign capital inflows to domestic financial
markets was maintained. Looking forward, Bank Indonesia will carefully
observe global economic dynamics that can affect Indonesia's BOP
outlook, continually strengthen the policy mix to maintain economic
stability, and enhance policy coordination with the Government and
relevant authorities to bolster the external sector resilience.
Further information and data are presented in the Q4/2020 Indonesia's Balance of Payments Report on the Bank Indonesia website.
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