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The percentage of foreign ownership in Indonesian Government Bonds (SBN) has decreased,a trend that former Bank Indonesia Governor Agus Martowardojo believes warrants serious attention.
Martowardojo noted that foreign ownership of SBN peaked at 41% in 2018. Currently, foreign ownership stands at 13%.
“I recall that when I was at Bank Indonesia in 2018, foreign investors held 41% of the total Government Bonds, the highest level at that time.Now, foreign investors hold only 13% of Indonesian Government bonds. A decline from 41% to 13% is a significant issue that needs to be addressed,” Martowardojo stated at the Indonesia business Council (IBC) Business Outlook event at the Mulia Senayan Hotel, Jakarta, on Wednesday (January 14, 2026).
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According to Martowardojo, this shift shouldn’t be viewed solely with optimism regarding increased domestic ownership of SBN.
“We can’t simply say that we now have the strength for domestic investors to own these government bonds.That’s not sufficient,” he emphasized.
Data from Indonesia’s balance of payments reveals a drastic change in financial transactions. In 2024, Indonesia’s financial transactions recorded a surplus of US$17 billion.
Though, in the first nine months of 2025, the balance of payments position reversed to a deficit of approximately US$12 billion. this,according to Martowardojo,is due to the continued decline in foreign portfolio investment in SBN.
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