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Indonesia's International Investment Position (IIP) recorded a lower net liability in the second quarter of 2023. At the end of the reporting period, Indonesia's IIP amassed a net liability totalling USD253.3 billion, down from a USD254.0 billion net liability posted at the end of the first quarter of 2023. The lower net liability IIP stemmed from a larger decrease in the position of Foreign Financial Liabilities (FFL) than the decrease in the position of Foreign Financial Assets (FFA).
The lower FFL position was in line with a decline in external debt amid a maintained direct investment surplus. The FFL position retreated 0.6% (qtq) at the end of the second quarter of 2023 to USD716.0 billion from USD720.1 billion at the end of the first quarter of 2023. This was primarily driven by portfolio investment and other investment liabilities given payments on maturing debt securities and foreign loans. Meanwhile, the liability position of direct investment increased, reflecting investor optimism in the promising domestic economic outlook despite elevating global financial uncertainty. The latest FFL developments were also influenced by the lower value of domestic financial instruments in response to decreasing stock prices and broad-based US Dollar appreciation against most global currencies, including the Rupiah.
The FFA position decreased as a corollary of reserve assets transactions due to the need to service government external debt and in anticipation of demand for foreign currency liquidity in the banking industry. The FFA position in the second quarter of 2023 stood at USD462.7 billion, down 0.7% (qtq) from USD466.1 billion at the end of the previous period. This was primarily due to a decrease in the position of reserve assets caused by servicing government's external debt and in anticipation of demand for foreign currency liquidity in the banking industry in line with increasing economic activity. Meanwhile, the asset positions of direct investment, portfolio investment and other investment increased. The lower FFA position was also influenced by a dip in asset prices along with US Dollar appreciation against currencies in asset placement countries.
Bank Indonesia views Indonesia's IIP in the second quarter of 2023 remained solid, thus supporting external resilience. This was reflected by a lower ratio of Indonesia's net liability IIP to GDP from 19.0% in the previous period to 18.7% in the reporting period. In addition, the structure of Indonesia's IIP liabilities also remained dominated by long-term maturity instruments (94.2%), primarily in the form of direct investment. Moving forward, Bank Indonesia is confident that Indonesia's IIP performance will be maintained in line with post-Covid-19 pandemic economic recovery efforts, supported by the synergy between Bank Indonesia's policy mix, the Government, and other relevant authorities. Nevertheless, Bank Indonesia will remain vigilant of the potential risks posed by a net liability IIP on the economy.
Further information is presented in Indonesia's IIP Report Q2/2023 on the Bank Indonesia website.
Jakarta, 18th September 2023
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