Purbaya: Rupiah at Rp17,000 Due to Economist Recession Claims

Jakarta — Finance Minister Purbaya Yudhi Sadewa commented on the rupiah’s weakness today, Monday, 9 March 2026. The rupiah depreciated by 0.31% against the US dollar to reach Rp16,953 per dollar at 14:14 WIB.

Earlier this morning, according to Refinitiv data, the rupiah opened weaker by 0.47% at Rp16,980 per US dollar. Purbaya stated the rupiah’s weakness was influenced by sentiment from economists claiming Indonesia is experiencing a recession.

“The rupiah at Rp17,000 is because some economists say we are in a recession, like 97-98 again. That’s how it is—purchasing power has been destroyed,” Purbaya said when met with journalists in Tanah Abang.

Purbaya denied this assessment, stating the economy is expanding and purchasing power is being maintained intensively.

“We do not even face a crisis, let alone a recession. We have not even slowed down yet. We remain in expansion, still accelerating,” he asserted.

He said stock market investors need not worry as Indonesia’s economic foundations are being carefully guarded. He added that the government has learnt the lessons of the 1997-98 crisis and applied them during 2008. Evidence of this, according to Purbaya, is that in 2008 Indonesia’s economy continued to grow whilst the global economy contracted.

“So friends need not worry, we have experience in mitigation… clearly with experience from 97-98, 2008 and 2020 we can manage economic growth,” Purbaya said.