Indonesia's External Debt Hits Record, Borrowing Shifts Away from Dollar and Rupiah

Indonesia’s external debt reached US$439.7 billion in April 2026, equivalent to approximately Rp7,773.9 trillion, marking a 1.9% year-on-year increase, according to Bank Indonesia’s latest external debt statistics. The central bank attributed the growth to an expansion in public sector external debt, which rose 3.7% year-on-year to US$216.4 billion, while private sector external debt continued to contract, falling 0.7% to US$193.2 billion.

External debt positions from the world’s two largest economies, the United States and China, both declined. Indonesia’s debt to the US edged down 0.11% to US$27.99 billion, whilst debt to China fell 0.74% to US$25.43 billion. Despite the parallel decreases, the US remains a larger creditor with a gap of US$2.56 billion between the two nations.

In contrast, Indonesia’s debt denominated in Chinese yuan surged to a record high of US$17.24 billion, a monthly increase of 1.46%. This rise coincides with strengthened financial ties, including a recent high-level meeting between Bank Indonesia and the People’s Bank of China in Shanghai. The two central banks reaffirmed commitments to expanding local currency transaction frameworks, exploring enhancements to their bilateral currency swap agreement, and establishing a renminbi clearing arrangement in Indonesia to boost the efficiency of bilateral trade and investment.