Indonesia records BoP surplus of 9.2 billion USD in Q2
Bank Indonesia (BI) reported on August 18 that the balance of payments (BoP) of the country had a surplus of 9.2 billion USD in the second quarter of 2020.
Indonesia records BoP surplus of 9.2 billion USD in Q2 (Photo: https://theinsiderstories.com/)Jakarta (VNA) – Bank Indonesia (BI) reported on August 18 that the balance of payments (BoP) of the country had a surplus of 9.2 billion USD in the second quarter of 2020.
According to a report from the bank, the BoP experienced a deficit of 8.5 billion in the first quarter.
BI said the improvement in the BoP was supported by a decrease in the current account deficit (CAD) and a large surplus in the capital and financial account.
In line with the development of the BoP surplus, the position of foreign exchange reserves at the end of June stood at 131.7 billion USD, it added.
The current account deficit of Indonesia was recorded at 2.9 billion USD or 1.2 percent of gross domestic products (GDP), lower than the deficit in the previous quarter of 3.7 billion USD or 1.4 percent of GDP. The decline in the CAD stemmed from a surplus in the goods trade balance due to lower imports due to weakening domestic demand.
Meanwhile, the capital and financial account surplus was recorded at 10.5 billion USD mainly from net inflows of portfolio investment and direct investment, after recording a deficit of 3.0 billion USD in the first quarter of 2020.
Direct investment also contributed to the surplus on the capital and financial account, in line with the domestic economic contraction of the Southeast Asian nation, the bank said./.
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