Purbaya's Rupiah Rescue Mission Begins Today: Here's the Scenario!

Jakarta, CNBC Indonesia - The rupiah exchange rate reached its weakest level at the close of trading on Tuesday (12/5/2026). According to Refinitiv data, the Garuda currency closed down 0.49% at Rp17,490/US$. This position also became the weakest closing level for the rupiah in recent history.

In response to this, Finance Minister Purbaya Yudhi Sadewa stated that the Ministry of Finance will begin assisting Bank Indonesia in controlling the pressure on the rupiah exchange rate against the US dollar today, Wednesday (13/5/2026).

“We will start helping tomorrow,” said Purbaya at his office, when responding to the exchange rate that surged to Rp17,500/US$ on Tuesday (12/5/2026).

Purbaya explained that the scheme being utilised is the bond stabilisation fund or Bond Stabilization Fund (BSF).

This was revealed as he held a sudden meeting with Ministry of Finance officials in the lobby of the Djuanda I Building at the Ministry’s Central Office, Jakarta, on Tuesday (12/5/2026).

Officials present included Secretary General of the Ministry of Finance Robert Leonard Marbun, Director General of Financing and Risk Management Suminto, Director General of the Treasury Astera Primanto Bhakti, and Acting Director General of Economic and Fiscal Stability Ferry Ardiyanto.

He was not yet willing to disclose the strategy being implemented by the government through the BSF to help BI manage the pressure currently being experienced by the rupiah exchange rate against the US dollar. As is known, today’s exchange rate was once pressured to the worst level in history, namely Rp17,500/US$.

“The strategy is still secret; if I tell it, the enemies will know,” he emphasised.

Nevertheless, he assured that the BSF scheme will be used by the government to manage pressure on the rupiah exchange rate through government intervention in the bond market to maintain a competitive yield or return.

The way to maintain this yield is by utilising BSF funds collected to purchase SBN or bonds issued by foreigners. This policy does not require coordination with BI or OJK in the Financial System Stability Committee (KSSK) forum, and in the initial stage, it is planned to rely on state cash.

“We will try to see if we can help stability in the bond market, then gradually to the exchange rate market as well,” explained Purbaya.

Purbaya also said he is ready to meet with the leadership of the House of Representatives (DPR) regarding the weakening rupiah.

This follows a statement from the Chair of the DPR RI, Puan Maharani, regarding the weakening rupiah exchange rate that touched Rp17,500 per US dollar. Puan stated that the DPR will request explanations from Bank Indonesia (BI) and the government to explain the rupiah matter.

Although ready, Purbaya emphasised that the rupiah issue is the responsibility of the central bank. He also admitted not having received an invitation from the DPR leadership.

“Not yet, but the rupiah is the central bank’s business, not the Ministry of Finance’s. If called, yes, we are ready,” said Purbaya at the Ministry of Finance on Tuesday (12/5/2026).

“I don’t know yet, there’s no invitation. But I’m ready. I’m passive there; it’s just the central bank’s business to explain why,” emphasised Purbaya.