Promoting Rupiah Stability, BADKO HMI East Java Calls for Optimising Bank Indonesia's Role

The East Java coordination body of the Islamic Students Association (BADKO HMI) has highlighted the recent dynamics of the rupiah’s exchange rate, which has plummeted in recent days. The group stated that more comprehensive handling measures are required to prevent a burden on the national economy.

The General Chairman of BADKO HMI East Java, Yusfan Firdaus, expressed appreciation for the government’s efforts, particularly through the Ministry of Finance, which is deemed to have worked optimally in maintaining economic stability from both fiscal and real-sector perspectives.

Consequently, he hopes that Bank Indonesia (BI), as the monetary authority, can further optimise its role in maintaining the stability of the rupiah’s exchange rate. “The government, through the Ministry of Finance, has worked optimally in maintaining economic stability from the fiscal side. Therefore, the public must understand that the issue of the weakening rupiah exchange rate falls within the responsibility of Bank Indonesia as the monetary authority,” Yuslam stated in a release on Monday, 8 June 2026.

Yusfan acknowledged that global economic dynamics are exerting pressure on currencies in many countries. However, he expressed hope that Bank Indonesia could formulate stronger protective policies so that external factors do not have an overly significant impact on the domestic economy.

Regarding the independence held by Bank Indonesia, BADKO HMI East Java believes that this status should be accompanied by periodic evaluations and policy transparency oriented towards strengthening the national economy. “Bank Indonesia has always sheltered itself behind its status of independence. The question is, what kind of independence? Independence should not be interpreted as freedom without evaluation and without accountability to the people,” he remarked.

Furthermore, Yusfan reminded the importance of maintaining economic sovereignty against various external pressures and global market speculation. He hopes that all monetary policymakers will consistently prioritise a spirit of nationalism and a commitment to domestic economic resilience. “As citizens who love the Republic of Indonesia, we must be at the forefront of guarding the nation’s sovereignty, including economic sovereignty. National interests must always be placed above all other interests,” he asserted.

As a follow-up and contribution of thought, BADKO HMI East Java plans to organise a Consolidation of East Java Students.