Jakarta. Indonesia’s foreign exchange reserves declined by $3.7 billion to $148.2 billion at the end of March 2026, as the central bank stepped up efforts to stabilize the rupiah and met external debt obligations.

Bank Indonesia said the drawdown partly reflected currency intervention measures aimed at supporting the rupiah, alongside government external debt repayments.

Despite the decline, the central bank stressed that reserve levels remain strong and well above international adequacy standards.

“The international minimum standard is equivalent to three months of imports, and Bank Indonesia maintains reserves well above that level to ensure Indonesia’s external resilience,” central bank spokesperson Ramdan Denny Prakoso said on Wednesday.

Indonesia’s reserves currently cover around six months of imports, or 5.8 months when including government external debt servicing, indicating a comfortable buffer against external shocks.

Ramdan added that any use of reserves for market intervention is carefully calibrated to maintain a healthy and sufficient level.

“Whatever amount is used for intervention always takes into account maintaining adequate and sound reserve levels,” he said.

Separately, Bank Indonesia Governor Perry Warjiyo told lawmakers that the central bank has purchased Rp 90 trillion ($5.3 billion) worth of government bonds in the secondary market since the start of the year, as part of efforts to support the rupiah.

He said the currency has come under pressure from worsening global conditions, including US reciprocal tariff policies and escalating geopolitical tensions in the Middle East following military actions involving the United States and Israel in Iran.

“We need to report that global conditions are deteriorating amid tariff policies and war,” Perry said.

In 2025, Bank Indonesia purchased Rp 332.1 trillion ($19.5 billion) in government bonds, underscoring its active role in maintaining financial market stability.