First decline in a year on FX revaluation losses, but fundamentals stay intact
Bank Negara Malaysia (BNM) international reserves fell USD1.7b (-1.3% MoM) to USD126.6b as of 31 March 2026, the first decline in 12 months
- Import cover eased slightly to 4.6 months (Feb: 4.7), while the reserves-to-short-term external debt ratio held steady at 0.9 time.
Lower FX holdings drove the decline, while higher gold prices provided partial support
- Foreign currency reserves fell USD1.7b (-1.5% MoM) to USD110.8b, weighed down by FX revaluation losses, despite sizeable net capital inflows. Notably net FX reserves rose to a 45-month high of USD81.1b in February (Jan: USD79.5b).
Download Full Content:
