Indonesia’s foreign exchange reserves declined to USD 148.7 billion in September 2025, down from USD 150.7 billion in August. This marked the smallest reserve level since July 2024, driven by government foreign debt payments and the central bank’s Rupiah exchange rate stabilization policy amid persistently high global financial market uncertainty. The current reserve position is sufficient to cover 6.2 months of imports, or 6.0 months when combined with servicing the government’s external debt, well above the international adequacy benchmark of around three months of imports. Despite the decline, the central bank assessed that these foreign exchange reserves remain strong, supporting the resilience of the external sector and maintaining macroeconomic and financial system stability.