Keywords
BI-Rate
Exchange Rate
Money Supply
How to Cite
Abstract
Foreign exchange reserves are a key indicator of economic stability in a country. Their fluctuations are influenced by
various macroeconomic factors, including monetary policy, inflation, exchange rates, and international trade activities.
This study aims to analyze the impact of BI Rate, exchange rate, inflation, exports, and money supply on Indonesia’s
foreign exchange reserves during the period 2019–2024. The research employs a quantitative approach using multiple
linear regression, based on monthly time series data obtained from Bank Indonesia, the Central Bureau of Statistics,
and the Ministry of Trade. The results show that, partially, the BI Rate does not have a significant effect on foreign
exchange reserves, while inflation has a significant negative effect. Conversely, exchange rate, exports, and money
supply are found to have significant positive effects. Simultaneously, the five variables explain 88.5% of the variation
in foreign exchange reserves, while the remaining 11.5% is influenced by factors outside the model. These findings
highlight the importance of integrated macroeconomic policies to maintain the stability of foreign exchange reserves
and strengthen national economic resilience.
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