BI: Indonesia's Foreign Debt Increases In November 2023 To IDR 6,236 Trillion

Rupiah (Photo: Antara)

JAKARTA - Bank Indonesia (BI) noted that Indonesia's foreign debt (ULN) position in November 2023 was 400.9 billion US dollars or Rp. 6,236 trillion (exchange rate of Rp. 15,555 per US dollar), an increase of 1.82 percent compared to the position of the October 2023 external debt of 393.7 billion US dollars.

Executive Director, Head of the BI Communication Department Erwin Haryono revealed that the position of Indonesia's external debt rose 2.0 percent from November 2022. The increase was higher than the previous month's growth of 0.7 percent yoy.

Erwin said that the development of the external debt was mainly caused by external debt transactions in the public sector. In addition, the position of external debt in November 2023 was also influenced by the factor of weakening the US dollar against the majority of global currencies, including the Rupiah, which resulted in an increase in the statistics of Indonesia's external debt value in other US dollars.

Erwin detailed the government's external debt in November 2023 amounting to US$192.6 billion, up from US$188.3 billion in the previous month.

"The government's external debt position in November 2023 also grew 6.0 percent (yoy), an increase from the previous month's growth of 3.0 percent (yoy)," he explained in his official statement, Monday, January 15, 2024.

Erwin said that the development of the external debt was mainly due to an increase in the placement of portfolio investments in the domestic and international Government Securities (SBN) market, in the form of Global Sukuk.

"Along with positive sentiment, confidence from market players is starting to subside the uncertainty of the global financial market," Erwin added.

Meanwhile, private external debt in November 2023 was recorded at 196.2 billion US dollars, or up from the position at the end of October 2023 which amounted to 196.0 billion US dollars.

However, the position of private external debt in November 2023 fell 3.2 percent (yoy), or deeper than the previous month's decline of 2.3 percent (yoy).

Erwin explained that the contraction in private external debt growth came from the decrease in financial companies, which amounted to 6.4 percent (yoy), compared to the previous month only down 2.4 percent (yoy).

Then, the decline in the growth of non-financial companies was recorded at 2.5 percent (yoy), compared to the previous month's decline of 2.3 percent (yoy).