DPR Reminds BI Governor: Rupiah Once Reached Rp6,000 During Habibie Era

The Chairman of Commission XI of the House of Representatives (DPR), Mukhamad Misbakhun, reminded the Governor of Bank Indonesia (BI), Perry Warjiyo, that Indonesia was once capable of strengthening the Rupiah against the US Dollar during a period of crisis, specifically during the administration of President Bacharuddin Jusuf Habibie. At that time, he noted, Indonesia’s economic fundamentals were under immense pressure as the country was still reeling from the 1997-1998 monetary crisis.

“In our history, even when our economic fundamentals were facing pressure and we were experiencing a very deep crisis in 1998-1999, the Rupiah was able to reach Rp6,000 during Mr Habibie’s era,” Misbakhun stated during a working meeting with BI Governor Perry Warjiyo at the DPR Building, Jakarta, on Monday (18/05/2026).

He added that the Rp6,000/US$ level was achieved following a period of extreme Rupiah depreciation, which had reached highs of between Rp16,600 and Rp17,000 due to the monetary crisis. “Everyone was facing pressure at that time; even amidst the crisis, the Rupiah reached its highest level ever, before dropping to Rp6,000. This was a state of crisis,” Misbakhun explained.

Consequently, Misbakhun emphasised that this historical lesson is vital for Bank Indonesia to devise an effective formula to strengthen the Rupiah against the US Dollar in the current climate. The currency has recently exceeded BI’s initial assumptions of Rp16,200-Rp16,800, with an average of Rp16,500 for 2026, reaching Rp17,660/US$ as of today. “The political agreement for the average rate this year is Rp16,500. It is hoped that there will be strengthening in July, August, and September,” he concluded.