New vehicle sales in Indonesia jumped by just under 24% to a new monthly record of 106,807 units in October, compared with 86,345 units a year earlier, according to data released by Indonesian automotive industry association Gaikindo.

Cumulative sales for the first 10 months of the year increased by 24.4% to 932,132 units, from 749,199 units a year earlier, prompting the association to raise full-year forecasts to 1.1m units.

The market has seemingly been unaffected by higher down-payment requirements on car loans, introduced across the banking sector in June. Consumers and businesses continue to enjoy record-low interest rates amid strong economic growth and high levels of capital investment.