{
    "success": true,
    "data": {
        "id": 1770346,
        "msgid": "economist-rupiah-could-rebound-with-solid-fiscal-and-monetary-policies-1779966889",
        "date": "2026-05-28 16:53:00",
        "title": "Economist: Rupiah could rebound with solid fiscal and monetary policies",
        "author": "Sakina Rakhma Diah Setiawan",
        "source": "KOMPAS",
        "tags": "",
        "topic": "Economy",
        "summary": "Trimegah Securities Indonesia's Chief Economist Fakhrul Fulvian has stated that the rupiah has significant potential to rebound with improved coordination between fiscal and monetary policies. He estimates the currency could strengthen to Rp 16,800-17,000 per USD, compared to current offshore levels of Rp 17,800, and stressed the need for balanced burden sharing between government and central bank to stabilise the currency amid global pressures.",
        "content": "<p>Trimegah Securities Indonesia Chief Economist Fakhrul Fulvian\nbelieves the rupiah has significant room to rebound if the policy mix\nimproves and there is balanced burden sharing between fiscal and\nmonetary policies. He estimates that the rupiah could strengthen to Rp\n16,800-17,000 per USD if fiscal and monetary coordination is solid. It\nis worth noting that the offshore rupiah has reached Rp 17,800 per USD\nduring the domestic market holiday for Idul Adha 1447 Hijriyah on\nWednesday (27 May 2026) and Thursday (28 May 2026). Fakhr argues that\nstabilising the rupiah cannot solely rely on Bank Indonesia (BI), hence\na balanced policy mix between fiscal and monetary measures is required.\nHe notes that markets are watching the consistency of government and BI\npolicy direction, making coordination crucial amid significant global\npressures. \u2018If BI tightens policy but fiscal stance and communication\nremain unsynchronised, pressure on the rupiah will persist,\u2019 he said.\nAccording to Fakhr, central bank decisions are vital to restore\ncredibility and maintain market anchor. This is also important to signal\nBI\u2019s seriousness in stabilising the rupiah and medium-term inflation.\n\u2018BI is returning to a pre-emptive, front-loaded, and ahead of the curve\napproach like in 2018,\u2019 he said. On the other hand, he argues\nIndonesia\u2019s fiscal stance must adapt to new global realities. He\nbelieves the world is entering an era of higher structural inflation,\ngeopolitical fragmentation, elevated energy costs, and more complex\nsupply chains. He states that domestic interest rate structure is\ncurrently not fully healthy. High SBI rates are effective in maintaining\nrupiah stability in the short term, but prolonged high rates risk\ndrawing liquidity into monetary instruments, increasing funding costs,\nand hindering credit to productive sectors. \u2018Once stability is restored,\nSBN yield curve must be normalised to gradually attract capital flows,\u2019\nFakhr explained. \u2018We need more balanced burden sharing between fiscal,\nmonetary, energy, and real sectors. If the rupiah remains the last\nresort for all economic pressures, volatility will recur,\u2019 Fakhr\nsaid.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/economist-rupiah-could-rebound-with-solid-fiscal-and-monetary-policies-1779966889",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}