Climb to USD118.3b in February on higher FX holdings; policy steady, risk looms
Bank Negara Malaysia (BNM) international reserves gained USD1.9b or 1.7% MoM to USD118.3b as of 28 February 2025
- Despite the increase, import coverage remained steady at 5.0 months, covering only 0.9 times total short-term external debt—below the IMF’s recommended threshold.
Largest increase in five months driven by FX holdings
- Foreign currency reserves (+USD2.1b or +2.0% MoM to USD105.9b): highest since September, supported by strong FDI inflows despite persistent capital outflows. Net FX reserves increased to USD64.7b in January (Feb: USD63.9b), though short positions widened slightly to USD29.3b (Dec: USD29.2b).
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