Tuesday, 10 Zulhijjah 1439 / 21 August 2018

Tuesday, 10 Zulhijjah 1439 / 21 August 2018

Indonesia records slow growth in external debt in May-end

Selasa 17 July 2018 19:31 WIB

Red: Reiny Dwinanda

Bank Indonesia

Bank Indonesia

The growth in the government's external debt recorded a slow down.

REPUBLIKA.CO.ID, JAKARTA -- The growth in Indonesia's external debt slowed at the end of May 2018. The amount was US$358.1 billion, comprising government and central bank external debt of $182.5 billion.

"The private sector, including state-owned enterprises, recorded an external debt of $176.1 billion," Bank Indonesia (BI) Communication Department Executive Director Agusman noted in a statement here on Tuesday.

Indonesia's external debt at the end of May 2018 grew at 6.8 percent year-on-year (yoy). It was slower than previous month's rise of 7.8 percent yoy, as growth in external debt of both public and private sectors slowed.

Also read: Government's debt reach Rp4,180 trillion

The growth in the government's external debt recorded a slow down. It was influenced by net sales of domestic government securities by foreign investors in line with the development of global liquidity.

The position of the government's external debt at the end of May 2018 was lower than that in the previous month due to the net repayment of loans and the continued action of domestic government securities released by foreign investors. The domestic government securities owned by foreign investors fell to $1.1 billion in May 2018, in response to the Federal Reserve's plan to raise the interest rate in June 2018.

Foreign investors temporarily released the ownership of government securities while focusing on the development of global liquidity leading to a new equilibrium.

This indicates that foreign investors in the domestic government securities market tend to adopt a wait and watch approach in response to the Federal Reserve's policy agenda.

With such developments, the government's external debt at the end of May 2018 grew slower than the previous month's growth to stand at $179.3 billion, comprising $124.6 billion of government securities, or SUN and SBSN/Sukuk, owned by non-residents and $54.7 billion of foreign loans.

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