BI: Indonesia's External Debt Reaches USD 437.9 Billion in February 2026 - BCA Sekuritas
Indonesia’s External Debt (ULN) position in February 2026 remained stable. The ULN position in February 2026 was recorded at USD 437.9 billion, an increase compared to the previous month’s position of USD 434.9 billion.
In a Bank Indonesia (BI) press release (15/4), on an annual basis, Indonesia’s ULN in February 2026 grew by 2.5 per cent (year-on-year), higher than the previous month’s growth of 1.7 per cent (year-on-year). The increase in the ULN position was mainly driven by public sector ULN, particularly the central bank, in line with foreign capital inflows into monetary instruments, namely Bank Indonesia Rupiah Securities (SRBI). Meanwhile, the private sector ULN position experienced a decline.
From the public ULN, the government’s ULN position in February 2026 was recorded at USD 215.9 billion, or growing annually by 5.5 per cent (year-on-year), slightly lower than the previous month’s growth of 5.6 per cent (year-on-year).
The development of the government’s ULN position was mainly influenced by a decrease in bond positions. Based on economic sectors, the government’s ULN is used, among others, to support the Health and Social Services Sector (22.0 per cent of total government ULN); Government Administration, Defence, and Mandatory Social Security (20.3 per cent); Education Services (16.2 per cent); Construction (11.6 per cent); and Transportation and Warehousing (8.5 per cent). The government’s ULN position is dominated by long-term debt, with a share of 99.98 per cent of total government ULN. Meanwhile, the increase in Bank Indonesia’s ULN was driven by the rise in non-resident ownership of monetary instruments issued by Bank Indonesia in line with pro-market monetary operations and efforts to maintain the stability of the Rupiah exchange rate from the impact of increasing global uncertainty.
The private sector ULN position in February 2026 was recorded at USD 193.7 billion, or annually down 0.7 per cent (year-on-year). The development of private sector ULN was influenced by borrower groups of financial corporations and non-financial corporations, which decreased by 2.8 per cent (year-on-year) and 0.2 per cent (year-on-year), respectively. Based on economic sectors, the largest private ULN comes from the Manufacturing Industry Sector; Financial and Insurance Services; Electricity and Gas Procurement; and Mining and Quarrying, with a share of 80.3 per cent of total private ULN. Private ULN is dominated by long-term debt with a share of 76.0 per cent of total private ULN.
Indonesia’s ULN structure is healthy, supported by the application of prudent principles in its management. This is reflected in Indonesia’s ULN ratio to Gross Domestic Product (GDP) recorded at 29.8 per cent, as well as the dominance of long-term ULN with a share of 84.9 per cent of total ULN. To maintain a healthy ULN structure, Bank Indonesia and the Government continue to strengthen coordination in monitoring ULN developments. The role of ULN will also continue to be optimised to support development financing and encourage sustainable national economic growth. These efforts are carried out by minimising risks that could affect economic stability.