{
    "success": true,
    "data": {
        "id": 1774003,
        "msgid": "combined-stimulus-could-serve-as-remedy-to-stabilise-rupiah-1780129339",
        "date": "2026-05-30 12:11:00",
        "title": "Combined Stimulus Could Serve as 'Remedy' to Stabilise Rupiah",
        "author": "Erlangga Djumena",
        "source": "KOMPAS",
        "tags": "",
        "topic": "Finance",
        "summary": "Experts recommend a multi-pronged stimulus package to stabilise the rupiah, including competitive yields, forex hedging, and clear policy signals. Measures such as adjusting SRBI and SBN instruments, forex interventions, and fiscal discipline are crucial to attract foreign capital by reducing risks and widening yield spreads against US Treasuries.",
        "content": "<p>JAKARTA - A combined stimulus is needed to pull the rupiah out of its\ndepreciation trend. A package of measures, from boosting rupiah\ninstrument yields to sending strong policy signals, is seen as a remedy\nfor the weak exchange rate over the past week.<\/p>\n<p>Syafruddin Karimi, an economist and professor at the Faculty of\nEconomics and Business at Andalas University, explained that the\nimmediate instruments needed to attract back foreign capital are a\ncompetitive rupiah yield, liquid foreign exchange hedging, and firm\npolicy signals.<\/p>\n<p>SRBI remains relevant as it offers attractive yield instruments with\nshorter tenor risk.<\/p>\n<p>\u201cThe government needs to support this through measured SBN issuance,\nfiscal discipline, and certainty that BI is not forced to finance the\ndeficit,\u201d he said on Saturday (30 May 2026).<\/p>\n<p>According to Syafruddin, the fastest-working instruments are not a\nsingle product but a credibility package: SRBI for yield, Domestic\nNon-Deliverable Forward (DNDF) for hedging, forex intervention to dampen\nvolatility, and consistent fiscal-monetary communication.<\/p>\n<p>\u201cForeign capital will return if investors see the rupiah is\nmaintained, yields are attractive, and policy risks decline,\u201d he\nsaid.<\/p>\n<p>Nanang Wahyudin, Research &amp; Education Coordinator at Valbury Asia\nFutures, said that in the very short term, the most immediate\ninstruments remain on the financial market side (not the real\nsector).<\/p>\n<p>\u201cIncreasing the attractiveness of rupiah asset yields,\u201d he said.<\/p>\n<p>He explained that regulators need to raise or recalibrate short-term\npro-market instruments like SRBI and short-term Government Securities\n(SBN) to widen the yield spread against US Treasuries.<\/p>\n<p>\u201cEspecially for global portfolio investors who are highly\nrate-sensitive,\u201d he added.<\/p>\n<p>Nanang urged regulators to ensure high secondary liquidity for SRBI\nand SBN so investors can enter and exit without significant\ndiscounts.<\/p>\n<p>\u201cThis is crucial for risk premium confidence,\u201d he said.<\/p>\n<p>Additionally, the stimulus needed now is strengthening foreign\nexchange operations and microstructure.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/combined-stimulus-could-serve-as-remedy-to-stabilise-rupiah-1780129339",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}