Misbakhun: Iran versus US and Israeli War Must Not Disrupt Rupiah
Jakarta, Kompas.com – Mukhamad Misbakhun, Chairman of Commission XI of the House of Representatives, has expressed hope that the escalating conflict between Iran, Israel, and the United States will not disrupt the stability of the rupiah during Ramadhan and in the lead-up to Eid al-Fitr.
“The stability of the rupiah and adequate banking liquidity must not be compromised,” he said in a statement on Monday (2 March 2026).
This politician from the Golkar Party has urged the government to immediately prepare concrete policy responses to mitigate potential pressures on the national economy, particularly during the Ramadhan and Eid al-Fitr 2026 period.
Misbakhun believes that the escalation of conflict between Israel-US and Iran, involving nations that are key to global energy supply chains, could trigger surges in oil prices and financial market volatility.
Misbakhun contends that without measured anticipation, this conflict could weaken the rupiah, burden energy subsidies in the state budget, and drive up the prices of goods and services domestically.
“Ramadhan is always associated with increased public consumption. If, at the same time, global energy prices spike and exchange rates fluctuate, then pressure on domestic inflation will intensify. Therefore, the government must move quickly with clear fiscal scenarios and concrete stabilisation measures,” said Misbakhun.
Misbakhun stated that the Ministry of Finance must immediately prepare realistic emergency fiscal scenarios, including the possibility of adjusting state spending posture should global oil prices remain at elevated levels.
According to him, strengthening fiscal reserves and refining spending priorities are important steps to maintain budgetary space without compromising social protection programmes.
In addition, Misbakhun believes that close coordination between the Ministry of Finance and Bank Indonesia is crucial to maintain exchange rate stability and financial market liquidity.
This is because global turbulence often triggers capital outflows and pressure on the rupiah, so fiscal and monetary policy tools must be prepared within an integrated response framework.
“The business community requires certainty, whilst the public needs reassurance. Therefore, fiscal and monetary policies must be aligned to calm market turbulence,” he said.
He explained that if global oil prices experience significant spikes, the government needs to prepare buffer measures so that domestic fuel prices do not immediately create cascading effects on food and essential goods prices.
Commission XI of the House of Representatives will closely monitor the government’s policy response to developments in the conflict, including its impact on energy subsidies, inflation, exchange rates, and the stability of the national financial system.
“What we must protect is public purchasing power. We must not allow citizens to face rising prices across the board whilst observing Ramadhan and preparing for Eid al-Fitr,” added Misbakhun.