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View all search resultsIndonesia’s foreign debt rose by the end of August as the government borrowed funds from multilateral organizations to cover the country’s fiscal deficit, while businesses borrowed funds for investment.
Indonesia’s foreign debt growth accelerated in April, driven mainly by the government’s issuance of sovereign debt papers (SBN) and global bonds to cover for the widening budget deficit to fund its COVID-19 fight, Bank Indonesia (BI) announced on Monday.
The rupiah breached Rp 16,000 against the US dollar on Friday, the weakest since the 1998 crisis, taking its toll on central bank reserves, corporate debt obligations and import-reliant industries as the COVID-19 pandemic prompts an Indonesian asset selloff.
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