Foreign Exchange Reserves Decline in March Amid Debt Payments and Rupiah Stabilisation

Bank Indonesia (BI) recorded a decline in foreign exchange reserves of $3.7 billion to $148.2 billion at the end of March 2026, in line with the government’s foreign debt payments and policies to stabilise the rupiah exchange rate.

The decline occurred despite foreign exchange inflows from the government’s global bond issuance as well as tax and service receipts. Previously, in February 2026, foreign exchange reserves stood at $151.9 billion.

BI Executive Director of the Communications Department, Ramdan Denny Prakoso, stated in an official release in Jakarta on Wednesday that the March 2026 foreign exchange reserve position remains high.

The foreign exchange reserve position at the end of March 2026 is equivalent to financing 6.0 months of imports or 5.8 months of imports and government foreign debt payments, and is above the international adequacy standard of around 3 months of imports.

“Bank Indonesia assesses that these foreign exchange reserves are capable of supporting external sector resilience as well as maintaining macroeconomic stability and the financial system,” said Ramdan.

The central bank is confident that going forward, external sector resilience will remain strong, supported by adequate foreign exchange reserve positions and foreign capital inflows in line with positive investor perceptions of the national economic prospects and attractive investment returns.

BI continues to enhance synergy with the government in strengthening external resilience to maintain economic stability in support of sustainable economic growth.