Chairman of DPR Commission XI Optimistic that Rupiah Stability Will Improve Soon

Jakarta (ANTARA) – Chairman of Commission XI of the Indonesian House of Representatives (DPR), Mukhamad Misbakhun, said he is optimistic that rupiah exchange-rate stability will soon improve owing to coordinated steps by the government and the economic authorities carried out gradually. He noted that the government and the economic authorities need to maintain policy consistency and public confidence, which must not waver. In this way, he believes positive sentiment toward the market will emerge in the near term. “Behind the scenes, discussions on rupiah stability and strengthening measures are being pursued intensively. The government and the DPR are not silent,” Misbakhun said at the parliament complex in Jakarta on Tuesday. He also stressed that the depreciation of the rupiah against the US dollar currently underway is a serious concern for the government and national economic players. However, he urged the public not to overreact to exchange-rate dynamics to avoid panic that could worsen market sentiment. Referring to what President Prabowo Subianto said about the rupiah under pressure against the US dollar, he assessed that the message to be conveyed is the importance of keeping the public calm amid global economic volatility. “What the President wants to convey is that the public does not need to panic excessively every time they see exchange-rate movements. It does not mean that rupiah weakness is unimportant or to be brushed aside,” he said. He added that the context the President wishes to build is to maintain public calm to avoid counterproductive panic for the economy. “If there is a big wave, of course the helmsman must work seriously to steer the ship, but passengers should not panic as if the ship will sink,” Misbakhun said. He emphasised that the DPR understands the sensitivity of exchange-rate impacts on the public, especially regarding energy prices, imported foodstuffs, and industrial needs. Therefore, he said Commission XI of the DPR will continue to monitor rupiah developments and maintain intensive communication with the government, Bank Indonesia, and the authorities in the financial sector to discuss measures to strengthen national economic stability. “I am confident the market will begin to see the direction of improvements,” he said.