Indonesia Forex Reserves Fall from 9-Month High

Indonesia's foreign exchange reserves fell to USD 145.3 billion in July 2026 from USD 145.6 billion in June. The decline was mainly driven by government foreign debt repayments and Bank Indonesia's currency market interventions to support the rupiah amid renewed volatility in global financial markets, despite inflows from tax and service revenues and the issuance of government global bonds. The reserves remained robust, covering 5.5 months of imports or 5.3 months of imports and government external debt repayments, comfortably above the international adequacy benchmark of around three months. Bank Indonesia said the reserve buffer remains sufficient to safeguard external sector stability and support overall macroeconomic and financial system resilience. Looking ahead, the central bank expects the external sector to remain resilient, underpinned by ample foreign exchange reserves and sustained capital inflows.

Indonesia’s foreign exchange reserves increased to USD 145.6 billion in June 2026 from a near two-year low of USD 144.9 billion in the previous month. The modest increase was primarily supported by tax and services receipts, which more than offset government external debt repayments and Bank Indonesia’s rupiah stabilization measures amid continued uncertainty in global financial markets. The reserve position remained strong, equivalent to 5.5 months of imports or 5.4 months of imports and government external debt servicing, well above the international adequacy standard of around three months. Bank Indonesia stated that the current level of reserves is sufficient to support external sector resilience and safeguard macroeconomic and financial system stability. Looking ahead, the central bank expects external resilience to remain intact, underpinned by adequate reserve assets and sustained foreign capital inflows.

Indonesia’s foreign exchange reserves fell to USD 144.9 billion in May 2026 from USD 146.2 billion in the previous month. It marked the lowest level since June 2024, mainly attributable to government external debt repayments and Bank Indonesia’s rupiah stabilization measures amid heightened uncertainty in global financial markets and seasonal domestic demand for foreign currency. Nevertheless, the reserve position remained robust, equivalent to 5.6 months of imports, or 5.5 months of imports and government external debt servicing, comfortably exceeding the international adequacy benchmark of around three months. Looking ahead, Bank Indonesia expects the country's external resilience to remain strong, supported by ample foreign exchange reserves and sustained capital inflows, underpinned by positive investor sentiment toward Indonesia’s economic outlook and the continued attractiveness of domestic financial assets.