BNM International Reserves - 9 May 2024

Fell by USD1.0b in April amid risk-off environment

Bank Negara Malaysia (BNM) international reserves continued to decline by USD1.0b or -0.9% MoM to a fivemonth low of RM112.8b as of 30 April 2024

  • It is sufficient to finance 5.5 months of imports of goods and services (previously retained imports: 6.6 months) and is 1.0 time total short-term external debt.

The decline was primarily attributed to a continued drop in foreign currency reserves and other reserve assets

  • Foreign currency reserves (-USD0.7b or -0.7% MoM to USD100.6b): decreased for the third consecutive month, potentially due to a reduction in the converted value of non-USD assets, BNM’s foreign exchange intervention, outflows from the capital market, and lower repatriation of export earnings.