FX.co ★ Indonesia Forex Reserves Smallest Since 2024

Indonesia's foreign exchange reserves declined to USD 148.2 billion in March 2026, down from USD 151.9 billion in February. This was the lowest level since July 2024 and was largely attributed to Bank Indonesia’s measures to stabilize the rupiah amid heightened global market volatility.

Despite the decrease, the reserve position remains solid, sufficient to cover 6.0 months of imports, or 5.8 months when including imports and the government’s external debt servicing. This comfortably exceeds the commonly used international adequacy benchmark of around three months of imports, underscoring Indonesia’s strong external liquidity.

Looking ahead, Bank Indonesia expects the external sector to stay resilient, supported by a sound reserve buffer and sustained foreign capital inflows. This outlook is reinforced by positive investor sentiment toward Indonesia’s economic fundamentals and the competitive returns available in the country’s investment environment.