Hit 130-month high in September on gold and FX revaluation
Bank Negara Malaysia (BNM) international reserves climbed USD0.9b or 0.8% MoM to USD123.6b as of 30 September 2025, a 130-month high
- Despite the increase, both import coverage and the reserves-to-short-term external debt ratio were unchanged at 4.8 months and 0.9 time respectively.
Reserves gains driven by gold revaluation and, to a lesser extent, higher FX holdings
- Gold reserves surged USD0.7b (+17.7% MoM) to an all-time high of USD4.8b, lifted by a 16.1% QoQ rally in gold price, breaking new highs at USD3,812.2/troy ounce amid global uncertainty and continued central bank buying.
- FX reserves rose USD0.2b (+0.2% MoM) to USD109.3b, supported by revaluation gains and ongoing corporate FX repatriation, though heavy bond outflows in September capped the upside. Net FX reserves climbed to USD73.3b in August (Jul: USD71.9b), the highest in three years.
- Special drawing rights, IMF reserve position and other reserve assets were broadly unchanged.
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