As of August 2020, Indonesia foreign reserves reached a new all-time high figure of USD 137 Billion. The amount is equivalent to 9 month worth of Import, which is comfortably beyond the international benchmark threshold of 3 month Import. Global bonds issuance and government debt drawdown were the main factors behind this record. Excess in global liquidity caused by a combination of fiscal stimulus, quantitative easing and low interest rates have been favorable to Indonesia which recently issued a yen-denominated global bonds (samurai bonds) amounting to 100 billion yen.

Moreover, Trade Balance had another surplus USD 3.26 billion in July, which was the third consecutive month where export exceeded import. This was achieved due to increase in Export by 14,33% from previous month, with the big-gest contribution from Industrial Goods which made up 82% of total export. Meanwhile Import declined by 2,73% MoM, with consumption goods and raw material both contracted.

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