Indonesia's Gold Reserves Deemed Low, Indef Reveals Comparison

Indonesia's gold reserves are notably low compared to international benchmarks, holding strategic importance as a diversification instrument for reserves, according to the Institute for Development of Economics and Finance (Indef).

Data from Indef indicates that Indonesia's gold reserves in 2026 amounted to approximately 87 tons. This represents 9.6% of the country's total foreign exchange reserves, valued at 0.91% of the 2025 GDP. Senior Economist Aviliani of Indef points out that this proportion is significantly lower than that of many other nations.

Major economies maintain a much higher percentage of gold in their foreign exchange reserves. For instance, the United States holds 8,133.5 tons (84.8% of reserves), Germany has 3,350.3 tons (84.6%), Italy possesses 2,451.8 tons (82%), and France holds 2,437 tons (82.5%). Even countries like Russia (2,311 tons, 48.1%), India (880.3 tons, 19.8%), Japan (846 tons, 10.1%), and China (2,313 tons, 10%) show comparable or higher proportions than Indonesia.

Aviliani noted that countries with substantial foreign exchange reserves often have greater flexibility to increase their gold holdings as a hedge. She also stated that there isn't a universal standard for the ideal amount of gold reserves a country should maintain. The optimal policy, she explained, depends heavily on a nation's economic structure, liquidity needs, and the specific strategies adopted by its central bank.