Hits highest in over 11 years on stronger FX and gold accumulation
Bank Negara Malaysia (BNM) international reserves rose by USD1.4b (+1.1% MoM) to USD128.3b as of 27 February 2026, the highest level since August 2014
- Despite the increase, import cover slipped to 4.7 months (Jan: 4.8), while the reserves-to-short-term external debt ratio remained unchanged at 0.9 time.
Higher FX and gold holdings again drove the increase
- Foreign currency reserves extended their uptrend for an eleventh consecutive month, rising by USD1.2b (+1.1% MoM) to USD112.5b despite net capital outflows. Net FX reserves climbed to a 44-month high of USD79.5b in January (Dec: USD77.2b), reflecting a smaller predetermined short-term net drain.
- Gold reserves increased by USD0.2b (+3.7% MoM and 87.6% YoY) to a record USD6.1b. This likely reflects another round of purchases after BNM raised its holdings to 1.36m fine troy ounces in January (Feb: 1.25m), the first increase since October 2018.
- Other reserve assets fell by USD0.1b, while SDRs and the IMF reserve position remain broadly unchanged
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