Indonesia's Foreign Exchange Reserves Fall Driven by Government Debt Payments

Indonesia’s foreign exchange reserves fell in February 2026. Bank Indonesia (BI) recorded the position of foreign exchange reserves at end-February 2026 at US$151.9 billion, or around Rp2,570.9 trillion (assuming an exchange rate of Rp16,925 per US$1). The figure was lower than end-January 2026’s US$154.6 billion, or Rp2,616.6 trillion. The decline in FX reserves was influenced by the government’s external debt payments as well as tax and services revenue factors. ‘The development is among other things influenced by the drawdown of government external debt amid government debt payments,’ Denny said in an official statement on Friday (6/3). Another trigger, he added, is the rupiah exchange rate stabilization policy in response to BI in facing high global financial market uncertainty. Denny added that end-February 2026 FX reserves were sufficient to finance 6.1 months of imports or 5.9 months of imports and government external debt payments, and remained above the international adequacy standard of around 3 months of imports. Bank Indonesia views that reserves are able to support external sector resilience as well as maintain macroeconomic and financial system stability. Looking ahead, BI believes external sector resilience remains robust supported by adequate FX reserves and inflows of foreign capital in line with positive investor sentiment toward the national economy’s prospects and investment returns that remain attractive. BI continues to strengthen synergy with the government in reinforcing external resilience to maintain economic stability in support of sustainable economic growth.