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External debt up 3.4% yoy in January
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A worker walks in a car factory in Bekasi, West Java. Manufacturing was listed as one of the sectors accounting for most offshore borrowing among private companies in January, according to a Bank Indonesia report. (Kompas/Totok Wijayanto)
I
ndonesia's external debt grew by 3.4 percent year-on-year (yoy) to US$320.3 billion in January, according to the latest statistics published by Bank Indonesia (BI).
The rise was triggered by a 12.4 percent yoy increase to $161.2 billion in public sector offshore borrowing, marking an acceleration from the 11 percent increase seen in December last year, BI reported on Friday.
On the other hand, private sector external debt in January declined by 4.3 percent yoy to $159 billion.
(Read also: Higher foreign reserves expected to fend off global risks)
The financial sector, manufacturing, mining and utilities together accounted for more than 76 percent of private companies' foreign debt in January.
The central bank has vowed to continue monitoring Indonesia's foreign debt, particularly in the private sector, saying it wants to ensure that the borrowings play a significant role in the country's development without triggering risks that may affect macroeconomic stability.
"Bank Indonesia sees that the external debt development in January remained healthy but continues to be vigilant about the risks to the national economy," it wrote in a statement.
BI data also show that long- and short-term external debt increased by 1.9 percent and 14.7 percent, respectively, in January.
Long-term external debt continues to dominate total foreign debt, accounting for 86.5 percent. (tas)
