Purbaya Claims to Help Stabilise Rupiah 'Bit by Bit' in Bond Market

Jakarta, CNBC Indonesia - Finance Minister Purbaya Yudhi Sadewa has assured that the government will assist Bank Indonesia (BI) in safeguarding the rupiah’s exchange rate. The Ministry of Finance (Kemenkeu) will strive to maintain stabilisation in the state bond market.

Purbaya stated that efforts to secure the exchange rate are being conducted in the bond market, not the spot market.

“We will help bit by bit later,” Purbaya said after the ceremony for the handover of administrative fines, state financial recovery, and repossession of forest areas held at the Attorney General’s Office complex in South Jakarta on Wednesday (13/5/2026).

Unfortunately, Purbaya did not confirm whether the intervention efforts through the bond market have already commenced today, Wednesday (13/5/2026). Previously, Purbaya had promised to conduct buybacks of bonds released by investors in the secondary market.

When questioned about this plan, he only stated that his side requires time to enter the secondary market. He also emphasised that the Ministry of Finance will closely monitor movements in the state bond market.

Currently, Purbaya observes that foreign investors are beginning to return to Indonesia’s bond market. As a result, yields on Indonesian bonds are starting to stabilise again.

“That requires time. We are not entering the dollar market directly. But we are only maintaining stability in the bond market. Foreigners are also entering. It seems the bonds are starting to stabilise again. And we will see what happens going forward. But clearly, we are monitoring the conditions in the bond market now,” he explained.

When asked about the details of the rupiah stabilisation scheme through buybacks of Indonesian bonds, Purbaya jokingly said he was using ‘prayer’. However, he assured that he has already instructed the Directorate General of Funding and Risk Management to carry out this buyback.

“I have already instructed them to do this. But in taking action, I will see what the results are like. This will continue going forward. Perhaps over the next few months, it will proceed like this,” he said.