Indonesia’s External Debt Remains Controlled - Bank Sentral Republik Indonesia
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February 19, 2019

Indonesia’s external debt at the end of November 2018 remains controlled with healthy structure. The position of Indonesia's external debt at the end of November 2018 was USD372.9 billion, consisting of government and central bank debt of USD183.5 billion, and private including state-owned enterprises debt amounting to USD189.3 billion. The external debt position increased USD12.3 billion compared to the previous month due to net withdrawals of external debt and the strengthening rupiah against US dolar resulted in bigger rupiah debt held by foreign investors in term of US dolar. Annually, Indonesia's external debt at the end of November 2018 grew 7.0% (yoy), higher than the previous month’s growth of 5.3% (yoy). The increase in the external debt growth was resulted from growing government and private external debt growth.

Government external debt growth increased in November 2018. The outstanding of government external debt at the end of November 2018 was USD180.5 billion or grew 4.4% (yoy), increasing from 3.3% (yoy) in the previous month. The government’s external debt growth increased USD5.1 billion compared to the previous month on account of foreign capital inflows to Government Securities (SBN) market during November 2018.

Private external debt in November 2018 increased. The position of private external debt at the end of November 2018 grew 10.1% (yoy), up from the previous month growth of 7.7% (yoy). The private external debt increased by USD7.1 billion on the previous month, mainly driven by net foreign buying of corporate bonds. The private external debt was mainly incurred by the financial and insurance services sector, manufacturing sector, electricity, gas, and water supply sector, as well as the mining sector. The share of the four sector external debt to the total private external debt reached 73.9%, relatively higher than the share in the previous month (72.9%).

The structure of Indonesia's external debt remains healthy. This is reflected in, among others, the ratio of Indonesia's external debt to Gross Domestic Product (GDP) at the end of November 2018 which was stable at around 34%. The ratio is still better than the peers' average. In addition, the structure of Indonesia's external debt remained dominated by long-term external debt amounting to 84.8% of the total external debt. Bank Indonesia and the Government continue to coordinate to monitor the development of external debt and optimize its role in supporting development financing, without creating risks that can affect economic stability.

The complete data on the latest Indonesian external debt and its metadata can be obtained from the publication of the Indonesian Foreign Debt Statistics (SULNI) January 2019 edition on the Bank Indonesia website. This publication can also be accessed through the Ministry of Finance website.

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