Jakarta. Indonesia’s external debt rose to $437.9 billion in February 2026, as stronger foreign inflows into Bank Indonesia (BI) instruments lifted public sector borrowing, even as private debt continued to decline.

Data from BI showed the figure increased from $434.9 billion in January, with annual growth accelerating to 2.5%, up from 1.7% in the previous month.

Anton Pitono, BI’s Director of the Communication Department, said the increase was primarily driven by public sector debt, particularly the central bank, amid foreign capital inflows into monetary instruments such as Bank Indonesia Rupiah Securities (SRBI). Meanwhile, private external debt edged lower.

“Indonesia’s external debt structure remains sound, supported by prudent management principles. This is reflected in the external debt-to-GDP ratio of 29.8%, as well as the dominance of long-term debt, which accounts for 84.9% of total external debt,” Anton said in a statement on Wednesday.

BI and the government will continue strengthening coordination to monitor external debt developments and optimize its role in financing development and supporting sustainable economic growth.

“These efforts are carried out while minimizing risks that could affect macroeconomic stability,” he added.

Government external debt stood at $215.9 billion in February, growing 5.5% year-on-year, slightly easing from 5.6% in January, partly due to a decline in debt securities. The bulk of government debt was long-term, accounting for 99.98% of the total.

By sector, government external borrowing was mainly allocated to health services and social activities (22%), public administration and defense (20.3%), education (16.2%), construction (11.6%), and transportation and warehousing (8.5%).

Anton also noted that the increase in BI’s external debt reflected higher non-resident holdings of BI-issued monetary instruments, in line with pro-market monetary operations and efforts to stabilize the rupiah amid heightened global uncertainty.

In contrast, private external debt fell to $193.7 billion, contracting 0.7% year-on-year, driven by declines in both financial corporations (-2.8%) and non-financial corporations (-0.2%).

Private external debt remained concentrated in key sectors, including manufacturing, financial services and insurance, electricity and gas, and mining, which together accounted for 80.3% of total private external debt. Long-term debt dominated at 76% of the total.

“Private external debt is also largely long-term in nature, accounting for 76.0% of the total,” Anton said.