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Indonesia's SBN Market Loses Rp120 Trillion in Foreign Capital in 6 Months

Adi Ahdiat 11/07/2022 14:30 WIB

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Foreign ownership of Indonesian government bonds (SBN) stood at Rp893.6 trillion on January 3, 2022. This amount decreased to Rp773.12 trillion by July 6, 2022.

Foreign Ownership Value in SBN (January 3 - July 6, 2022)

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Indonesia's SBN Market Loses Rp120 Trillion in Foreign Capital in 6 Months

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Foreign Ownership Value in SBN (January 3 - July 6, 2022)

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Indonesia's State Bonds (Surat Berharga Negara or SBN) market has lost approximately Rp120 trillion in foreign capital over the past six months.

According to data from the Directorate General of Financing and Risk Management (DJPPR), as of January 3, 2022, foreign/non-resident ownership of tradable rupiah-denominated SBNs stood at Rp893.6 trillion.

However, since the end of February 2022, immediately after Russia's invasion of Ukraine, ownership has steadily declined, as shown in the graph, reaching Rp773.12 trillion on July 6, 2022.

According to Danareksa Research Institute, this trend of declining foreign ownership in SBNs has been ongoing since the beginning of the 2020 pandemic. The decline continued throughout the first half of 2022, influenced by geopolitical conflicts, which also impacted global economic volatility.

In its report, "Global Economic Uncertainty and Domestic Economic Opportunities," released on Monday, July 11, 2022, Danareksa Research Institute predicts that this outflow of foreign capital from the SBN market will continue for some time.

"Capital outflow from the SBN market is expected to continue due to the anticipated seven Federal Fund Rate (FFR) hikes in 2022 and five in 2023," Danareksa wrote in its report.

Danareksa also stated that several other factors will influence capital outflow, including sentiment surrounding interest rate hikes by the European Central Bank and global interest rate increases.

"Amidst the potential capital outflow, the rupiah exchange rate is expected to weaken, but with controlled volatility. This is inseparable from the decreasing foreign share in SBN ownership," Danareksa explained.

(Also Read: The Fed Raised Interest Rates by 150 bps During the First Half of 2022)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Indonesia's SBN Market Loses Rp120 Trillion in Foreign Capital in 6 Months

Indonesia's SBN Market Loses Rp120 Trillion in Foreign Capital in 6 Months

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Indonesia's SBN Market Loses Rp120 Trillion in Foreign Capital in 6 Months

Indonesia's SBN Market Loses Rp120 Trillion in Foreign Capital in 6 Months

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