Rupiah Continues to Weaken, Airlangga: BI's Job to Protect It, We Can't React Every Day

Trading in the spot market on Thursday morning, 23 April 2026, showed the rupiah exchange rate opening weaker at Rp17,245 per US dollar, down 64 points or 0.37 percent from the previous level of Rp17,181 per US dollar.

When asked about this, Coordinating Minister for the Economy Airlangga Hartarto assessed that the rupiah’s weakening was due to the influence of global turmoil and dynamics.

“It is because of global turmoil as well (as the main factor). So we just monitor it,” Airlangga said at the Ministry of Investment and Downstreaming/BKPM in Jakarta on Thursday, 23 April 2026.

He assured that the government would continue to review it further to anticipate the matter. This is considering that the assumption of the rupiah exchange rate in the 2026 Draft State Revenue and Expenditure Budget (RAPBN) is Rp16,500 per US dollar.

“We just monitor it, because we can’t react every day. We just monitor it, and that is BI’s (Bank Indonesia) job to protect,” he stated.

Meanwhile, economist and money market observer Ibrahim Assuaibi said that the Indonesian government faces significant liquidity pressure in 2026, along with debt maturities reaching Rp833.96 trillion, the highest level in the last decade.

“This surge in obligations marks a crucial phase in fiscal management, amid increasing financing needs and global financial market uncertainties,” Ibrahim said in his statement on Thursday, 23 April 2026.

This phenomenon is referred to as the “debt wall,” a condition where the burden of debt maturities piles up in a certain period. The 2026 maturity value is even higher than 2025’s Rp800.33 trillion and becomes the peak in the debt payment cycle for the 2025–2036 period.

This pressure did not arise suddenly. The large obligations are an accumulation of debt issuances in previous years, including the burden-sharing scheme between the government and Bank Indonesia during the COVID-19 pandemic.

Of the total 2026 maturities, around Rp154.5 trillion comes from instruments resulting from that cooperation. The large volume of debt that must be paid forces the government to carry out large-scale refinancing strategies. However, this step is not without risks.