China Held the Largest Foreign Exchange Reserves Among G20 Members in 2022; Where Did Indonesia Rank?

Indonesia was not among the top 10 G20 member countries with the largest foreign exchange reserves. Based on World Bank data, Indonesia's foreign exchange reserves reached US$137.22 billion, or approximately Rp2,136.37 trillion (assuming an exchange rate of Rp15,569 per US$), in 2022. This amount placed Indonesia 12th among G20 countries.

Meanwhile, China was the G20 member country with the largest foreign exchange reserves. The reserves of the "Bamboo Curtain" country reached US$3.3 trillion, equivalent to Rp51.37 quadrillion.

The next largest G20 country in foreign exchange reserves was Japan, at US$1.22 trillion. This was followed by the European Union at US$1.18 trillion; this figure includes the foreign exchange reserves of three G20 member countries: Germany, France, and Italy.

Germany, France, and Italy's foreign exchange reserves were US$293.91 billion, US$242.41 billion, and US$224.58 billion, respectively, in 2022.

Next, the United States ranked third among G20 member countries with the largest foreign exchange reserves, at US$706.64 billion, followed by Russia at US$581.7 billion, and India at US$567.29 billion.

On the other hand, Argentina had the lowest foreign exchange reserves among G20 member countries. In 2022, the "Tango Country's" foreign exchange reserves were only US$44.79 billion.

According to the latest data from Bank Indonesia, Indonesia's foreign exchange reserves at the end of December 2023 reached US$146.4 billion.

This amount is equivalent to 6.7 months of import financing, or 6.5 months of import and government foreign debt payments.

Indonesia's foreign exchange reserves as of December 2023 were also above the international adequacy standard, with a minimum limit of around 3 months of imports.