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Indonesia Books BOP Deficit of $9.1 Billion in Q1

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Indonesia's balance of payments (BOP) recorded a deficit of $9.1 billion in the first quarter, while foreign exchange reserves remained robust at $148.2 billion, Bank Indonesia said Friday.

The current account posted a $4 billion deficit, or 1.1% of GDP, widening from the previous quarter as trade surplus narrowed and income outflows increased, although services improved on lower freight imports.

The capital and financial account swung to a $4.9 billion deficit, driven by other investment outflows and maturing external obligations, despite continued inflows from direct and portfolio investment.

Reserves at end-March were sufficient to cover 5.8 months of imports and external debt payments, above the international adequacy benchmark, while the central bank expects the external position to remain broadly resilient.

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