An Empirical Reassessment of the Relationship between Interest Rate and Net Export through ASEAN-5’s Foreign Exchange Reserves

The purpose of this study is to determine whether the real impact of interest rates and net exports through ASEAN-5's foreign exchange reserves was significant between 2009 and 2019. This study employs five ASEAN countries with the highest foreign exchange reserves: Indonesia, Malaysia, Singapore, Thailand, and the Philippines. During 2009-2019, the sample was determined using a saturated sampling technique with five countries. The data used is secondary data from the World Bank. In this study, hypothesis testing was performed using Panel Data Analysis with the Views 10 program and a significance level of 5%. (0.05). The findings indicate that interest rates and net exports have an impact on foreign exchange reserves. The findings also show that the two independent variables have an impact on foreign exchange reserves at the same time.