Analisis Pengaruh Foreign Direct Investment, Nilai Tukar, dan Suku Bunga terhadap Cadangan Devisa di Indonesia

Sri Nengsih Pakpahan (Universitas Samudra)
Nurjannah Nurjannah (Universitas Samudra)
Asnidar Asnidar (Universitas Samudra)

Takuana: Jurnal Pendidikan, Sains, dan Humaniora
Vol. 5 No. 2 (2026): Takuana (July-September)

This study aims to analyze the impact of Foreign Direct Investment (FDI), the exchange rate, and interest rates on foreign exchange reserves in Indonesia. The study utilizes time-series data covering the 2005–2024 period, obtained from Statistics Indonesia (BPS), Bank Indonesia, and the World Bank. Multiple linear regression, performed using EViews 10 software, was employed as the analytical method. The results indicate that FDI and the exchange rate have a positive and significant effect on foreign exchange reserves, whereas interest rates have a negative and significant effect. Collectively, FDI, the exchange rate, and interest rates significantly influence foreign exchange reserves in Indonesia. These findings suggest that increased Foreign Direct Investment (FDI), exchange rate stability, and appropriate interest rate policies play a crucial role in strengthening Indonesia's foreign exchange reserves.