- Indonesia's FX reserves slightly recovered to USD145.6 Bn in June 2026, driven by foreign investment in SRBI and SBN, though lower gold prices offset gains by USD1.4 Bn.
- FX reserves faced pressure from weak trade surpluses due to elevated oil prices and production cuts, with export performance remaining uncertain amid government commodity policies and rising imports.
- Reserve growth carries significant costs, including large SRBI maturities, high interest expenses, forfeited swap premiums, and potential government interest payments exceeding 20% of revenue.
