SBY and Prabowo's Stances Under Scrutiny as Rupiah Slumps
Jakarta — The Rupiah closed trading on Monday, 18 May 2026, at Rp 17,668 per US dollar, weakening from Rp 17,597 per dollar previously.
President Prabowo Subianto’s comments compared with the response of former President Susilo Bambang Yudhoyono (SBY) when the Rupiah weakened in 2013. According to the head of state, the currency’s weakness has not had an immediate direct impact on the majority of people, particularly villagers who do not transact in US dollars in daily life.
‘Now there are people constantly… I don’t understand, sometimes Indonesia will collapse, will be chaotic, will be what, Rupiah like this, dollar like this,’ Prabowo said during the inauguration of the Museum of Ibu Marsinah and a Shelter House in Nganjuk, Saturday, 16 May 2026.
The head of state also said that rural people do not use Rupiah. Therefore, he assured that Indonesia is in a good state. ‘People in villages do not use dollars, right, food is safe, energy is safe, many countries panic, Indonesia is still okay,’ he said.
The remarks contrast with the stance once shown by SBY when the Rupiah weakened in 2013. At that time, the Rupiah moved from around Rp 11,600 to Rp 11,700 per US dollar.
In his speech on 27 November 2013, SBY urged all parties to guard against the adverse effects of global economic volatility. He regarded the Rupiah’s weakness as a serious signal to be faced realistically. ‘The bad news is the Rupiah is weakening,’ SBY said at the time. He also noted that Indonesia might be entering a ‘new equilibrium’ in the national economy.
The 6th President of Indonesia acknowledged that several economic indicators were under pressure, from falling stock prices to a trade deficit. ‘I think we will have a new equilibrium, a new normal,’ he explained.
He said the government at that time had already prepared a number of policies to cut imports and boost exports through various fiscal incentives and economic measures. ‘The conclusion from our economy and the world’s situation is that Indonesia’s economy this year and next year will not be easy. I’d rather speak candidly than spout forecasts of paradise,’ said SBY.