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Current account deficit narrows in 2015: Bank Indonesia
Healthy CAD: Bank Indonesia Governor Agus Martowardojo has pledged to strengthen the mix of monetary, macro prudential and payment system policies to maintain macroeconomic stability and keep the current account deficit (CAD) at a level that is healthy and supportive of overall economic stability
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Healthy CAD: Bank Indonesia Governor Agus Martowardojo has pledged to strengthen the mix of monetary, macro prudential and payment system policies to maintain macroeconomic stability and keep the current account deficit (CAD) at a level that is healthy and supportive of overall economic stability. (Antara) (CAD) at a level that is healthy and supportive of overall economic stability. (Antara)
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span class="inline inline-center">Healthy CAD: Bank Indonesia Governor Agus Martowardojo has pledged to strengthen the mix of monetary, macro prudential and payment system policies to maintain macroeconomic stability and keep the current account deficit (CAD) at a level that is healthy and supportive of overall economic stability. (Antara)
Indonesia narrowed its current account deficit (CAD) to US$17.5 billion (Rp 243.25 trillion) in 2015, a 35 percent improvement on the 2014 deficit, which stood at $27 billion.
Bank Indonesia Governor Agus Martowardojo said one of the drivers behind the improvement was the narrowed deficit in the services transaction account, from $34 billion by the end of 2014 to $31 billion in 2015.
"In 2014, there was a $34 billion services transaction account deficit, but it improved in 2015 to $31 billion. The $31 billion [deficit] is huge. However, the $17 billion current account deficit is an improvement," said Agus at the House of Representatives complex in Jakarta on Monday.
Furthermore, Agus mentioned that in the second and third quarters of 2015, the income account surplus helped ease the CAD. "In the fourth quarter, it was more positive supported by a loan from the government, as well as global bonds and loans from the Asian Development Bank," he said.
In the third quarter of 2015, the balance of payments (BoP) revealed a $1.2 billion surplus in the capital account, slashed by almost a half from the $2.2 billion surplus in the second quarter.
Meanwhile, the CAD in the third quarter of 2015 reached $4 billion, equal to 1.86 percent of gross domestic product (GDP). It was slightly down from $4.2 billion or 1.95 percent of GDP in the second quarter. (ags)(+)
