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No. 23/ 305 /DKom
Indonesia's Balance of Payment (BOP) in the Q3/2021 recorded a surplus, thus reinforcing external resilience. The BOP surplus stood at USD10.7 billion in Q3/2021, after experiencing a deficit of USD0.4 billion in the previous quarter. Such development was supported by the current account surplus, reversing a deficit in the previous quarter, and increased capital and financial account surplus. Consequently, the position of reserve assets at the end of September 2021 reached USD146.9 billion, up from USD137.1 billion at the end of June 2021. The position of official reserve assets was equivalent to 8.6 months of import and servicing government's external debt, which is well above the international adequacy standard.
The current account in Q3/2021 charted surplus, supported by a significantly increased goods trade surplus. In the reporting period, the current account surplus stood at USD4.5 billion (1.5% of GDP), after recording a deficit of USD2.0 billion (0.7% of GDP). The gains were bolstered by higher goods trade surplus due to stronger exports in line with increasing demand in Indonesia's main trading partners and the continuation of rising global commodities prices. In addition, the services trade balance deficit narrowed, partly due to a smaller deficit of transportation services in response to increasing freight services receipts as goods export increased. Meanwhile, the improvement of natural resource-based corporations' performance recorded in the third quarter of 2021 increased yield payments on direct investment, thus precipitating a wider primary income account deficit.
The capital and financial account posted a larger surplus in Q3/2021 primarily supported by direct investment. The capital and financial account posted a surplus of USD6,1 billion (2.0% GDP), higher than USD1.6 billion (0.6% GDP) surplus in the previous quarter. The surplus stemmed from the net inflow of direct investment which was maintained at USD3.3 billion. Other investment also recorded surplus, after experiencing a deficit in the previous quarter, induced by lower net repayment on foreign loans, higher placements of non-resident deposits to domestic banks, and additional Special Drawing Rights (SDR) allocation. In addition, the net inflow of portfolio investment was maintained at USD1.1 billion, despite decreasing from USD4.0 billion recorded in the previous quarter given the persistently global financial market uncertainty.
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 continue policy coordination with the Government and relevant authorities to bolster the external sector resilience.
Further information and data are presented in Q3/2021 Indonesia's Balance of Payments Report on the Bank Indonesia website.
Jakarta, 19th November 2021
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