President Prabowo Subianto summoned the members of the Financial System Stability Committee (KSSK) to the Merdeka Palace in Jakarta on Tuesday (5/5). The meeting was convened amidst intense pressure on the Indonesian rupiah, which has weakened to Rp 17,425 per US dollar—marking one of the lowest points in the currency’s history.
Key KSSK officials in attendance included Finance Minister Purbaya Yudhi Sadewa, Bank Indonesia (BI) Governor Perry Warjiyo, Financial Services Authority (OJK) Chairperson Frederica Widyasari Dewi, and Indonesia Deposit Insurance Corporation (LPS) Chairperson Anggito Abimanyu. They were joined by Deputy Finance Ministers Suahasil Nazara and Juda Agung.
Following the meeting, Minister Purbaya confirmed that the discussion focused on pressing domestic economic issues. However, he declined to provide detailed comments regarding the current depreciation of the rupiah, noting that technical matters concerning exchange rates fall under the authority of the central bank.
Despite the current volatility, Purbaya remains optimistic that the nation’s strong economic fundamentals will facilitate a recovery in the exchange rate. “With a solid economic foundation, improving the exchange rate should not be overly difficult. However, that is not my remit; the central bank will explain how they intend to address it,” he stated.
Bank Indonesia Governor Perry Warjiyo also refrained from making immediate public statements regarding the currency’s decline. When pressed for comment, he simply replied, “Let’s wait, we will see.”
Summary
President Prabowo Subianto convened a meeting with the Financial System Stability Committee (KSSK) at the Merdeka Palace to address the significant weakening of the rupiah, which recently plummeted to Rp 17,425 against the US dollar. Attendees included the Finance Minister, the Bank Indonesia Governor, and leaders from the OJK and LPS, all of whom discussed urgent domestic economic challenges.
Although officials declined to provide specific details on the currency’s depreciation, the government maintains confidence in Indonesia’s strong economic fundamentals to support a future recovery. Bank Indonesia continues to monitor the situation closely, with leadership emphasizing a cautious approach as they work to address the ongoing market volatility.