Indonesia's Foreign Reserves Expected to Grow in December 2025

Economic Factors Supporting Reserve Growth

Indonesia's foreign reserves are projected to increase in December 2025 compared to the previous month's US$150.1 billion ¹

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Source 2

https://aktual.kontan.co.id/news/ekonom-bca-surplus-menipis-tak-jadi-soal-cadangan-devisa-ri-diprediksi-tetap-gemuk

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Source 3

https://nasional.kontan.co.id/news/ekonom-bca-proyeksikan-cadangan-devisa-ri-desember-2025-naik-di-atas-us1501-miliar

. According to David Sumual, Chief Economist at PT Bank Central Asia Tbk (BCA), this growth is supported by several key factors despite a decline in trade surplus.

Trade Surplus and Capital Inflows

The trade surplus narrowed to US$2.66 billion in November 2025, a decrease from the previous year ¹

. However, this decline was offset by strong capital inflows into portfolio investments such as stocks, government bonds (SUN), and Bank Indonesia's Rupiah Securities (SRBI). These inflows have been crucial in maintaining the overall health of Indonesia's foreign reserves.

Bank Indonesia's Role in Currency Stability

David Sumual noted that while Bank Indonesia (BI) continued to intervene in the foreign exchange market to maintain rupiah stability, the capital inflows helped counterbalance these interventions ¹

. The combination of these factors is expected to result in a net increase in foreign reserves.

Implications for Economic Stability

The projected increase in foreign reserves is a positive indicator for Indonesia's economic stability. It suggests that despite challenges in the trade balance, the country remains attractive to foreign investors and has sufficient buffers to manage currency fluctuations.