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Indonesia's International Investment Position (IIP) recorded a lower net liability in the second quarter of 2022. Indonesia's IIP at the end of the second quarter of 2022 amassed a net liability totalling USD270.4 billion (21.3% of GDP), down from USD287.8 billion (23.6% of GDP) at the end of the first quarter of 2022, stemmed from a decrease in the position of Foreign Financial Liabilities (FFL) coupled with an increase of Foreign Financial Assets (FFA).
Foreign Financial Liabilities (FFL) position decreased in line with the lower value of domestic financial instruments amid a surge of direct investment and portfolio investment inflows. The FFL position, therefore, retreated 2.3% (qtq) from USD720.8 billion at the end of the first quarter of 2022 to USD704.3 billion at the end of the second quarter of 2022. The lower FFL position was primarily attributable to other change factors relating to the value of domestic financial instruments denominated in Rupiah given lower prices and US dollar appreciation against the Rupiah. Further declines were offset, however, by net inflows of direct investment and portfolio investment in the reporting period in response to investor optimism in the national economic recovery outlook and conducive domestic investment climate.
Foreign Financial Assets (FFA) position increased primarily due to increasing positions of portfolio investment and other investment assets. The FFA position grew 0.2% (qtq) from USD433.0 billion at the end of the first quarter of 2022 to reach USD433.9 billion at the end of the second quarter of 2022. The increase was supported by higher positions of other investment and portfolio investment assets in line with additional asset placements abroad. Notwithstanding, further FFA gains were offset by other change factors relating to broad-based US dollar appreciation against most global currencies and falling prices of several offshore assets.
Bank Indonesia views Indonesia's IIP in the second quarter of 2022 remained solid, thus supporting external resilience. This was reflected by a maintained ratio of Indonesia's IIP to GDP, decreasing from 23.6% to 21.3% in the reporting period. In addition, the structure of Indonesia's IIP also remains dominated by long-term maturity instruments (93.4%), primarily in the form of direct investment. Moving forward, Bank Indonesia is confident that Indonesia's IIP performance will be maintained in line with efforts to foster economic recovery from the Covid-19 pandemic, supported by synergy between Bank Indonesia's policy mix, the Government and other relevant authorities policies. Nevertheless, Bank Indonesia will remain vigilant of the potential risks associated with a net liability IIP on the economy.
Further information is presented in Indonesia's IIP Report Q2/2022 on the Bank Indonesia website.
Jakarta, 26th September 2022
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