Jakarta: Indonesia’s Balance of Payments (BOP) is projected to remain solid, Bank Indonesia (BI) Perry Warjiyo has said.
"The BOP in 2021 is expected to amass a larger surplus compared with conditions one year earlier, supported by a current account surplus recorded at 0.3% of GDP, coupled with a growing capital and financial account surplus," the BI Governor told a press conference here on Thursday.
According to him, the latest developments show that foreign capital inflows to domestic financial markets have been maintained, with portfolio investment recording a net inflow totalling USD1.1 billion as of February 8.
Furthermore, the position of reserve assets at the end of January 2022 remained high at USD141.3 billion, equivalent to 7.6 months of imports or 7.4 months of imports and servicing government external debt, which is well above the 3-month international adequacy standard.
"BOP performance in 2022 will be maintained with a low and manageable current account deficit projected in the 1.1-1.9% of GDP range," he said.
"In addition, the capital and financial account is expected to maintain a surplus, primarily in the form of foreign direct investment (FDI) given the recent improvements to the domestic investment climate," he added.
On Thursday, the BI Board of Governors Meeting announced its decision to hold the BI 7-Day Reverse Repo Rate at 3.50%, while also maintaining the Deposit Facility (DF) rates at 2.75% and Lending Facility (LF) rates at 4.25%.
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