Hashim Warns Rupiah Could Fall to Rp21,000 per US Dollar if Issue Is Not Resolved

Jakarta, CNBC Indonesia — Presidential Special Envoy for Climate and Energy Hashim Sujono Djojohadikusumo called on businesses to make a serious effort to improve Indonesia’s business and investment climate. He made the remarks at the opening of the 2026 National Leadership Meeting of the Indonesian Chamber of Commerce and Industry (Kadin) in Jakarta on Thursday (29 October 2026).

Hashim said concerns over a possible downgrade of Indonesia’s stock exchange status had unsettled the country’s money market and risked putting pressure on foreign direct investment (FDI). If substantial outflows occurred, he estimated that the rupiah could weaken to between Rp20,000 and Rp21,000 per US dollar.

“The rupiah could weaken further. I have calculated that it could reach Rp20,000–Rp21,000; some say Rp22,000,” he said.

Hashim added that Indonesia would then have to pay more to service its foreign debt.

“This could become a disaster and calamity for the Indonesian economy,” he stressed.

Hashim urged businesspeople, particularly members of Kadin, to stop manipulating share prices. He said the government would take firm action.

“I earnestly ask that stock-price manipulation be stopped,” Hashim said.

He cited Türkiye, where the government had succeeded in arresting 94 people involved in stock manipulation.

Hashim said the issue was extremely serious and warned against allowing problems in Indonesia’s stock market to push the rupiah to Rp21,000 or Rp22,000 per US dollar.

“This has a negative political impact,” he concluded.