JAKARTA - The Governor of Bank Indonesia (BI) Perry explained the factors that caused the decline in Indonesia's foreign exchange reserves (cadev) in recent months.
According to Perry, Indonesia's balance of payments in general is still quite strong and the current account deficit is relatively low, while the trade balance surplus, especially non-oil and gas, is quite large, thereby strengthening the external resilience of the national economy.
However, he stressed that the uncertainty of the global financial market triggered the outflow of foreign portfolio capital, both from stocks, Government Securities (SBN), and Bank Indonesia Rupiah Securities (SRBI). However, recently there has been a flow of foreign capital, especially in SBN.
He explained that one of the main causes of the decline was efforts to stabilize the rupiah exchange rate amid increasing uncertainty in the global financial market.
"(There are) measures that require a policy of stabilizing the rupiah exchange rate, which shows why our foreign exchange reserves have decreased," he said during a working meeting with Commission XI of the DPR, Wednesday, November 12.
At the end of 2024, Indonesia's foreign exchange reserves were recorded at 155.7 billion US dollars, then decreased to 148.73 billion US dollars in September 2025, one of which was due to intervention to stabilize the rupiah.
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When viewed from the monthly trend, foreign exchange reserves were recorded at 152.56 billion US dollars in June 2025, down to 151.98 billion US dollars in July and 150.7 billion US dollars in August 2025, then a further drop to 148.73 billion US dollars in September 2025, before increasing back to 149.93 billion US dollars in October 2025.
Perry added that most interventions were carried out through non-delivery forward (NDF) instruments, both on the offshore market and domestic NDF (DNDF). Meanwhile, spots or cash intervention is decreasing, so not all steps to stabilize are directly reflected in foreign exchange reserves.
"Although our foreign exchange reserves are down due to interventions in cash or in spots," he explained.
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