Don't Panic Over Rupiah at Rp17,500: Purbaya Says Indonesia Won't Be as Bad as '98!

Jakarta, CNBC Indonesia - Finance Minister Purbaya Yudhi Sadewa has emphasised that the movement of the rupiah exchange rate is the responsibility of the central bank, Bank Indonesia.

Amid the current weakening of the rupiah exchange rate, which briefly touched the level of Rp17,500, the worst ever, Purbaya stated that the Ministry of Finance will provide some assistance.

“Well, ask the central bank; they are the ones authorised, and I am confident they can control it. We will help a little bit later,” said Purbaya after the ceremony for the handover of administrative fines, state financial recovery, and the repossession of forest areas held at the Attorney General’s Office complex in South Jakarta on Wednesday (13/5/2026).

Purbaya also urged the public not to panic in the face of the weakening exchange rate. This is because Indonesia’s economic fundamentals are quite good. He assured that the government understands where the weaknesses in the economy and exchange rate lie.

He is confident that the government can reverse this situation. Thus, Indonesia will not fall into a recession abyss like in 1998.

“We know exactly where the weaknesses are and can fix them. We won’t be as bad as ’98 again; we won’t be bad at all. We will find the right steps; with a strong economic foundation, it shouldn’t be too difficult,” he asserted.

The rupiah exchange rate succeeded in returning to a strengthening zone against the US dollar at the close of trading on Wednesday (13/5/2026).

Referring to Refinitiv data, the Garuda currency ended trading at Rp17,460/US, orstrengthening0.17 at the morning market open.