{
    "success": true,
    "data": {
        "id": 1746374,
        "msgid": "not-comparable-to-the-1998-crisis-purbaya-economic-foundations-remain-strong-1780911074",
        "date": "2026-05-18 16:22:32",
        "title": "Not Comparable to the 1998 Crisis, Purbaya: Economic Foundations Remain Strong",
        "author": "Friska Yolandha",
        "source": "REPUBLIKA",
        "tags": "",
        "topic": "Economy",
        "summary": "Finance Minister Purbaya Yudhi Sadewa has dismissed comparisons between the current rupiah depreciation and the 1998 monetary crisis, citing much stronger national economic foundations. He noted that unlike the 1998 era, the current domestic economy maintains steady growth, providing the government with sufficient room to manage global market volatility.",
        "content": "<p>Finance Minister Purbaya Yudhi Sadewa has emphasised that the current\nweakening of the rupiah exchange rate cannot be equated to the\nconditions of the 1998 monetary crisis, as the national economic\nfoundations are deemed to remain strong.<\/p>\n<p>\u201cIf the rupiah weakens, it seems as though we are moving towards a\nrepeat of 1998. However, the conditions are different. In 1998, economic\npolicies at the time were problematic, and socio-political instability\noccurred after Indonesia experienced a prolonged recession,\u201d said\nPurbaya following an aircraft handover ceremony at Halim Perdanakusuma\nAir Force Base, Jakarta, on Monday (18\/05\/2026).<\/p>\n<p>Purbaya explained that in mid-1997, Indonesia underwent an economic\nrecession which was subsequently followed by socio-political\ninstability, triggering the 1998 monetary crisis. According to him, the\ncurrent domestic situation is different because national economic growth\nremains stable, allowing the government sufficient space to improve\nvarious macroeconomic indicators affected by global market\nvolatility.<\/p>\n<p>Regarding the decline of the Jakarta Composite Index (JCI), which\ntouched the 6,628 level at the start of trading on Monday morning,\nPurbaya assessed that such fluctuations are more influenced by\nshort-term market sentiment. He stated that the government will remain\nfocused on maintaining the foundations of the national economy to ensure\neconomic growth targets are met amidst global financial market\ndynamics.<\/p>\n<p>As a market intervention measure, Purbaya stated that the government\nhas begun increasing purchases in the bond market to maintain the\nstability of the government securities market and reduce selling\npressure from foreign investors. This step is being taken to minimise\nthe potential for capital losses resulting from declining bond\nprices.<\/p>\n<p>He also urged capital market players and domestic investors not to\npanic in the face of short-term stock market corrections. \u201cThe\ngovernment continues to monitor market conditions and maintain economic\nstability. Therefore, investors are expected to remain calm in facing\ncurrent market dynamics,\u201d Purbaya added.<\/p>\n<p>Based on money market data on Monday morning, the rupiah exchange\nrate weakened by 33 points or 0.19 per cent to Rp 17,630 per US dollar,\ndown from the previous trading close of Rp 17,597 per US dollar.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/not-comparable-to-the-1998-crisis-purbaya-economic-foundations-remain-strong-1780911074",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}