The Effect of Natural Resources Exports on Indonesia's Foreign Exchange Reserves

Asyiva Aulia Gitzri; Sunoto Sunoto; Antoni Sitorus; Benardin Benardin

doi:10.55927/ijbae.v4i6.513

Authors

Asyiva Aulia Gitzri University of Bengkulu
Sunoto Sunoto University of Bengkulu
Antoni Sitorus University of Bengkulu
Benardin Benardin University of Bengkulu

DOI:

https://doi.org/10.55927/ijbae.v4i6.513

Keywords:

Foreign Exchange Reserves, Natural Resources Exports, Exchange Rate, Inflation, DHE Policy

Abstract

This study aims to analyze the influence of natural resource (SDA) exports, exchange rates, inflation, and Export Proceeds (DHE) policies on Indonesia's foreign exchange reserves during the period 2001–2024. This study uses annual time series data and is processed using the Ordinary Least Squares (OLS) method. The results of the study show that natural resources exports and DHE policies have a positive and significant effect on foreign exchange reserves, while inflation has a negative and significant effect. Meanwhile, the exchange rate has no significant effect on foreign exchange reserves. This research model explains 95% of the variation in foreign exchange reserves. These findings affirm the importance of the natural resources export sector and government policies in strengthening Indonesia's foreign exchange reserves. Further research is recommended to add other macroeconomic variables as well as analyze the impact of the latest DHE policy in 2025.

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