Chairman of DPR Commission XI Mukhamad Misbakhun confirmed there are\nno reports of bank defaults as the US dollar reached Rp17,600. He made\nthe statement at the Jogja Financial Festival 2026 held at JEC in\nBantul, Yogyakarta last Saturday (23 May 2026).<\/p>\n
\u201cThere are currently no banks or private entities reporting defaults\ndespite the rupiah facing pressure at Rp17,600,\u201d Misbakhun said.<\/p>\n
He noted that Indonesia\u2019s economic structure this year differs\nsignificantly from the 1998 monetary crisis period when the rupiah\nbreached Rp17,000 per US dollar. During the 1998 crisis, an economic\nbubble occurred due to overheating across various sectors, with banks\nand private entities taking foreign currency-denominated loans without\nhedging.<\/p>\n
\u201cWhen the rupiah weakened, they defaulted,\u201d Misbakhun explained.\nHowever, he added that some entities also benefited from unexpected\nwindfall gains during that period.<\/p>\n
\u201cThe same applies today, but only in certain sectors. This means our\neconomy is fundamentally strong. In 1998, growth was minus 13% and\ninflation was rampant. Now, our economy is growing,\u201d he stressed.<\/p>\n
Indonesia is among G20 nations with economic growth exceeding 5%, and\nhas recorded a 71-month trade surplus, he added.<\/p>\n
He attributed concerns over a repeat of the 1998 crisis to social\nmedia\u2019s influence, which he said is shaping economic sentiment. \u201cWe are\nfacing a situation where fundamentals clash with sentiment, reality\nversus social media,\u201d he said.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/us-dollar-hits-rp17-600-as-misbakhun-confirms-no-bank-defaults-1780321758", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }