Indonesia Forex Reserves Fall from 9-Month High

Indonesia’s foreign exchange reserves declined to USD 154.6 billion in January 2026, down from a nine-month high of USD 156.5 billion in December. The decline was primarily driven by the government’s foreign debt payments and rupiah exchange rate stabilization measures implemented by Bank Indonesia in response to rising uncertainty in global financial markets. The current level is sufficient to cover 6.3 months of imports, or 6.1 months when accounting for the government’s external debt repayments, well above the international adequacy benchmark of around three months of imports. Looking ahead, Bank Indonesia expects external-sector resilience to remain strong, supported by sustained foreign investment inflows. This outlook reflects positive investor perceptions of the national economic outlook and consistently attractive investment returns.

Indonesia’s foreign exchange reserves increased to USD 156.5 billion in December 2025, up from USD 150.1 billion in the previous month, marking the highest level since March. The increase was primarily driven by tax and services revenue, the issuance of government global sukuk, and the government’s foreign loan withdrawals. The current level is sufficient to cover 6.4 months of imports, or 6.3 months when accounting for the government’s external debt repayments, well above the international adequacy benchmark of around three months of imports. Looking ahead, Bank Indonesia expects external-sector resilience to remain strong, supported by a sustained export outlook and continued foreign investment inflows. This outlook reflects positive investor perceptions of the national economic outlook and consistently attractive investment returns.

Indonesia’s foreign exchange reserves climbed to USD 150.1 billion in November 2025, up from USD 149.9 billion in the previous month, marking the highest level since August. The increase was primarily driven by tax and services revenue, as well as the government’s foreign loan withdrawals, amid Bank Indonesia’s rupiah-stabilization measures in response to heightened global financial market uncertainty. The current level is sufficient to cover 6.2 months of imports, or 6.0 months when accounting for the government’s external debt repayments, well above the international adequacy benchmark of around three months of imports. Looking ahead, Bank Indonesia expects external-sector resilience to remain strong, supported by a sustained export outlook and continued foreign investment inflows. This outlook reflects positive investor sentiment toward Indonesia’s domestic economic prospects and attractive investment returns.