Indonesia Forex Reserves Fall from 9-Month High

Indonesia’s foreign exchange reserves rose to USD 146.5 billion in August from USD 145.3 billion in the previous month. It marked the highest level since March, primarily driven by higher tax and services receipts and government withdrawals of external loans, which more than offset external debt repayments and Bank Indonesia’s Rupiah stabilisation measures amid persistent uncertainty in global financial markets. The reserves remained robust, covering 5.4 months of imports, or 5.3 months of imports and government external debt servicing, well above the international adequacy standard of around 3 months of imports. Bank Indonesia said the reserve buffer was sufficient to bolster external sector resilience and safeguard macroeconomic and financial stability. Looking ahead, it expects resilience to remain supported by adequate reserves and continued foreign capital inflows, amid positive investor sentiment toward Indonesia’s economic outlook and attractive returns.

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.