2022 State Budget and Fiscal Incentives Presentation
Stronger Fundamentals Facing the Headwinds
Inflation Rate (%)
Inflation controlled within the target range
1998
2008
12.1
Dec 2021
1.87 (yoy)
1998
82.4
2008
19 Jan 22
IDR Movement (%)
IDR depreciated year-to-date
-197
-35
-0.77 (ytd)
-300
-200
-100
0
1998
Non-Performing Loan/NPL (%)
NPL level (gross) is below the maximum threshold of 5%
30
2008
3.8
Nov 2021
3.19
0 5
10
15
20
20
External Debt (Public &
Private) to FX Reserve Ratio
Significantly lower than 1998 crisis
25
30
30
35
40
Government Debt/GDP
Consistently well-maintained
Foreign Reserves (USD bn)
Significantly higher than 1998 & 2008, ample to cover
7.8 months of import and external debt repayment
1998
2008
Dec 2021
17.4
More Liquid Market (%)
Overnight interbank money market rate
is relatively lower
62
50.2
10.5
2.78
1998
2008
Dec 2021
External Debt/GDP
Higher than 2008, but significantly
lower than 1998
144.9
8.6x
3.1x
2.85x
100.0%
27.4%
41.0%
116.8%
33.2%
37.0%
2008 Nov 2021
2008
2021
2008
Q3-2021
1998
1998
1998
5554
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