{
    "success": true,
    "data": {
        "id": 1828383,
        "msgid": "presidential-advisor-speaks-out-on-the-impact-of-the-6-75-bi-rate-on-industry-1782636644",
        "date": "2026-06-28 15:15:51",
        "title": "Presidential Advisor Speaks Out on the Impact of the 6.75% BI Rate on Industry",
        "author": "",
        "source": "CNBC",
        "tags": "",
        "topic": "Economy",
        "summary": "Presidential Special Advisor Said Iqbal has addressed concerns that the 6.75% Bank Indonesia benchmark rate is harming industry and workers. He argued the rate hike is an unavoidable short-term measure to stabilise the rupiah and restore foreign investor confidence amid capital outflows. Iqbal acknowledged the pressure on import-reliant firms, citing a pharmaceutical company struggling with dollar-denominated raw material costs.",
        "content": "<p>Presidential Special Advisor for Employment and Labour Welfare Said\nIqbal has responded to concerns that the increase in the benchmark\ninterest rate, the BI Rate, to 6.75% is not pro-industry and pro-worker.\nSaid Iqbal stated that the benchmark rate hike was unavoidable.\nAccording to him, this is a step to stabilise the exchange rate against\nthe US dollar. He noted that Bank Indonesia (BI) has been intervening in\nthe market by utilising foreign exchange reserves. However, BI cannot\ncontinue to do this indefinitely, as the fundamental problem is one of\nforeign investor confidence. \u201cForeign investors are withdrawing their\ncapital daily, or there is an outflow in Indonesia\u2019s capital market\nsystem, so BI is using the second method. Like it or not, for the time\nbeing, before the economy normalises or while confidence is still at a\nlow point, the step is to raise interest rates,\u201d Said explained. He\ndescribed the situation as a \u2018double-edged sword\u2019, but believes BI has\ncarefully considered this move. He is confident that this BI policy is\nfor the short term, and when conditions return to normal, the benchmark\ninterest rate will be lowered. \u201cIt is not forever. Because at some\npoint, when the economy starts to normalise, the dollar starts to, the\nrupiah starts to strengthen against the dollar, the interest rate will\nbe returned so that industry can borrow business credit at a lower\ninterest rate,\u201d he explained. He acknowledged that many companies are\nexperiencing pressure due to the rise of the US dollar, especially\ncompanies that rely on imported raw materials. For example, the\npharmaceutical company PT Molex Ayus Pharmaceutical was reportedly\nthreatening layoffs due to an inability to meet demands for a minimum\nwage increase for workers. According to Said, companies like Molex Ayus\nface difficulties because production raw materials are purchased in US\ndollars, while their products are sold domestically in rupiah. This is\nquite burdensome for the company.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/presidential-advisor-speaks-out-on-the-impact-of-the-6-75-bi-rate-on-industry-1782636644",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}