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Today's Headlines External Debt

  • Indonesia's Foreign Debt Grew 6.3% y/y to $319 Billion in April 2016

    Indonesia's Foreign Debt Grew 6.3% y/y to $319 Bln in April 2016

    The central bank of Indonesia stated that Indonesia's foreign debt grew 6.3 percent (y/y) to USD $319.0 billion in April 2016. Foreign debt of Southeast Asia's largest economy in April consists of private sector external debt (USD $165.2 billion) and public sector external debt (USD $153.8 billion). Indonesia's private sector foreign debt continued to ease as local companies have been more careful in taking up new foreign debt due to the weakening rupiah in 2013-2015. In April, private sector external debt fell 1.1 percent (y/y).

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  • Corporate Debt Concerns Moody's but Indonesia's Rating Kept at Baa3/Stable

    Corporate Debt Concerns Moody's but Indonesia's Rating Kept at Baa3/Stable

    Global credit rating agency Moody's Investors Service released a report that includes a warning about the current state of Indonesia's corporate debt. Although Moody's is concerned about the relatively high reliance of Indonesian companies on foreign sources for their debt, the credit rating agency kept Indonesia's sovereign rating at Baa3 with a stable outlook. Moody's noted that Indonesia's government and corporate debt stands at 26.8 percent and 23.7 percent of the nation's gross domestic product (GDP), respectively.

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  • Foreign Debt Indonesia Rose in February as Government Seeks Funds

    Foreign Debt Indonesia Rose in February as Government Seeks Funds

    Indonesia's foreign debt rose 3.7 percent (y/y) to USD $311.5 billion at end-February 2016, a higher growth pace compared to the 2.2 percent (y/y) recorded in the preceding month. The central bank of Indonesia (Bank Indonesia) informed that rising foreign debt was solely due to higher public sector foreign debt, while private sector foreign debt in fact eased. The Indonesian government took up long-term foreign debt to fund its ambitious infrastructure development programs. As a result, public sector external debt rose 9 percent to USD $146.9 billion in February, or 47.2 percent of Indonesia's total foreign debt.

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  • Indonesia's Foreign Debt Growth Slowed on Global Uncertainty

    Indonesia's Foreign Debt Growth Slowed on Global Uncertainty

    Total outstanding foreign debt of Indonesia fell to USD $302.4 billion at the end of the third quarter of 2015, down USD $2.1 billion from the end of the preceding quarter. The central bank of Indonesia (Bank Indonesia) said both public and private external debt declined in Q3-2015 as both sectors were reluctant to take up new (overseas) debt amid global uncertainties, Indonesia's sluggish economic growth, and the fragile rupiah (ahead of looming capital outflows brought about by higher US interest rates).

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  • Public and Private Foreign Debt Growth Indonesia Slowed in July 2015

    Public and Private Foreign Debt Growth Indonesia Slowed in July 2015

    Indonesia’s foreign debt growth slowed in July 2015 by 3.7 percent (y/y) to a total of USD $303.7 billion from a 6.3 percent (y/y) growth pace in the preceding month. Based on the latest data from Indonesia’s central bank (Bank Indonesia) the nation’s total external debt consisted of USD $134.5 billion public sector foreign debt and USD $169.2 billion private sector foreign debt. Both public and private sector foreign debt growth slowed in July (compared to June) as these sectors were hesitant to take on more debt due to the depreciating rupiah.

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  • Concern Mounting over Possible Debt Crisis in Indonesia

    Concern Mounting over Possible Debt Crisis in Indonesia

    Concern about Indonesia’s financial stability has heightened as the country’s foreign debt (USD $304.3 billion), by far, exceeds the central bank’s foreign exchange reserves which stood at USD $105.3 billion in late August 2015. Meanwhile, the weak rupiah (having depreciated nearly 15 percent against the US dollar so far in 2015) adds significant pressure on Indonesia’s foreign debt position hence causing concern about a looming debt crisis.

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  • Foreign Exchange Reserves Indonesia Fall on Debt Payment & Rupiah Support

    The central bank of Indonesia (Bank Indonesia) announced on Friday (08/05) that the country’s foreign exchange reserves fell approximately USD $700 million to USD $110.87 billion at the end of April 2015 (from USD $111.55 billion one month earlier). The decline was due to government foreign debt payments as well as central bank efforts to stabilize the rupiah currency amid the current volatile and uncertain (global and domestic) economic context. In April, the rupiah appreciated 0.8 percent against the US dollar.

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Latest Columns External Debt

  • Foreign Debt Growth Indonesia Slows, What about the Interest Rate?

    Foreign Debt Growth Indonesia Slows, What about the Interest Rate?

    Bank Indonesia announced today that the country’s total foreign debt rose 7.6 percent (y/y) to USD $298.1 billion in the first quarter of 2015. This figure means that the pace of the country’s foreign debt growth has slowed from the 10.2 percentage point growth (y/y) that was recorded in the preceding quarter. Both public and private sector foreign debt growth slowed as both sectors are more careful to take up loans amid a weakening rupiah while export revenues decline amid sluggish global (and domestic) economic growth.

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  • Public and Private Debt Growth Indonesia Slowed in February 2015

    Public and Private Debt Growth Indonesia Slowed in February 2015

    On Friday (17/04) Indonesia’s central bank (Bank Indonesia) announced that the country’s foreign debt grew 9.4 percent (y/y) to USD $298.9 billion in February 2015, thus slower than the 10.5 percent (y/y) growth rate in the preceding month. Indonesia’s external debt growth slowed as both public and private sectors refrained from taking more debt. Public sector foreign debt grew 4.4 percent (y/y) to USD 134.8 billion, while private sector foreign debt rose 13.8 percent (y/y) to USD $164.1 billion in February.

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  • Growth Indonesia’s Foreign Debt Accelerated in November 2014

    Foreign debt of Indonesia accelerated 11.8 percent year-on-year (y/y) to USD $294.4 billion in November 2014. This total debt of USD $294.4 billion in November 2014 consists of public foreign debt of USD $133.9 billion and private foreign debt of USD $160.5 billion. The central bank of Indonesia (Bank Indonesia) stated that public foreign debt rose 8.6 percent (y/y) mainly on a rise in foreign holdings on government debt securities. Meanwhile, the growth pace of private foreign debt slightly eased.

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  • Bank Indonesia Concerned about Level of Privately-Held Foreign Debt

    The central bank of Indonesia recently issued new regulations (Bank Indonesia Regulation No. 16/21/PBI/2014 and External Circular No. 16/24/DKEM) that aim to safeguard Indonesia’s financial fundamentals. These new regulations, which are an improvement of Bank Indonesia Regulation No. 16/20/PBI/2014 dated Oct. 28 2014, force Indonesian non-bank corporations to apply prudent fiscal management regarding foreign-denominated debt. Bank Indonesia felt these rules are needed as privately-held foreign debt rises continuously.

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  • Foreign Debt of Indonesia Grew 10.7% y/y in October 2014

    External debt of Indonesia grew at a pace of 10.7 percent year-on-year (y/y) in October 2014, slightly slower than the 11.2 percentage point (y/y) growth pace in the previous month, according to a statement of Indonesia’s central bank (Bank Indonesia). Total outstanding external debt of Indonesia reached USD $294.5 billion in October (from USD $292.3 billion in the previous month). While growth of public sector external debt slowed in October, private sector external debt accelerated.

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  • Financial Update: Foreign Debt of Indonesia Continues to Rise

    Total foreign outstanding debt of Indonesia continues to grow at a robust pace. Based on data from the country’s central bank, total external debt rose 11.2 percent year-on-year to USD $292 billion at the end of September 2014 as private Indonesian companies have been eager to seek lower interest rates abroad. Privately-held foreign debt was up 14 percent y/y to USD $159.3 billion at end-September. Central Bank official Tirta Segara said that private sector debt is concentrated in the financial, manufacturing and mining sectors.

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  • Bank Indonesia Forces Companies to Hedge Foreign Debt

    Bank Indonesia Forces Companies to Hedge Foreign Debt

    Non-bank corporations in Indonesia that hold external (foreign-denominated) debt will be forced to hedge their foreign exchange holdings against the Indonesian rupiah with a ratio of 20 percent in the period 1 January 2015 to 31 December 2015 in an effort to limit risks stemming from increased private sector external debt. At end-August 2014, privately-held foreign debt stood at USD $156.2 billion (53.8 percent of the country’s total external debt), increasing three-fold from end-2005 and thus jeopardizing macroeconomic stability.

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