Bank Indonesia (BI) reported that Indonesia’s External Debt (ED) reached US$437.9 billion in February 2026, equivalent to Rp7,488 trillion based on an exchange rate of Rp17,100. This figure increased compared to the previous month’s position of US$434.9 billion. On an annual basis, Indonesia’s external debt grew by 2.5% year-on-year in February 2026, higher than the 1.7% growth recorded in the prior month, according to BI’s Head of Communication Department, Ramdan Denny Prakoso.

Denny explained that the rise in external debt in February 2026 was mainly driven by the public sector, particularly the central bank, due to foreign capital inflows into monetary instruments such as Bank Indonesia Rupiah Securities (SRBI). Meanwhile, private sector external debt showed a decline.

From the public sector perspective, government external debt stood at US$215.9 billion in February 2026, growing by 5.5% year-on-year. This development was largely influenced by a decrease in the position of debt securities. In terms of allocation, government external debt was primarily used to support sectors such as health services and social activities (22.0%), public administration, defense, and mandatory social security (20.3%), education services (16.2%), construction (11.6%), and transportation and warehousing (8.5%).

Denny further noted that government external debt is overwhelmingly dominated by long-term obligations, accounting for 99.98% of the total. The increase in BI’s external debt was driven by higher non-resident ownership of BI-issued monetary instruments, in line with pro-market monetary operations and efforts to maintain rupiah stability amid rising global uncertainty.

Meanwhile, private external debt in February 2026 was recorded at US$193.7 billion, declining by 0.7% year-on-year. This decrease was influenced by both financial corporations, which fell by 2.8% year-on-year, and non-financial corporations, which declined by 0.2% year-on-year. By sector, the largest contributors to private external debt were manufacturing, financial services and insurance, electricity and gas supply, as well as mining and quarrying, collectively accounting for 80.3% of total private external debt.

Private external debt is also largely composed of long-term liabilities, representing 76.0% of the total. Bank Indonesia assesses that Indonesia’s external debt structure remains sound, supported by prudent management practices. This is reflected in the external debt-to-GDP ratio of 29.8%, along with the dominance of long-term debt, which accounts for 84.9% of the total.

To maintain a healthy external debt structure, BI and the government continue to strengthen coordination in monitoring its development. The role of external debt will also be optimized to support development financing and promote sustainable economic growth, while minimizing risks that could affect economic stability.