President Prabowo Subianto summoned the Financial System Stability Committee (KSSK) to the Merdeka Palace in Jakarta on Tuesday (May 5) to address the nation’s economic situation. The meeting took place against the backdrop of significant pressure on the Indonesian rupiah, which has weakened to 17,425 per US dollar—marking one of the lowest points in the currency’s history.
Key KSSK members in attendance included Finance Minister Purbaya Yudhi Sadewa, Bank Indonesia (BI) Governor Perry Warjiyo, Chair of the Board of Commissioners of the Financial Services Authority (OJK) Frederica Widyasari Dewi, and Chair of the Board of Commissioners of the Indonesia Deposit Insurance Corporation (LPS) Anggito Abimanyu. They were joined by Deputy Finance Ministers Suahasil Nazara and Juda Agung.
Following the session, Minister Purbaya confirmed that the discussion centered on domestic economic challenges. While he remained cautious about commenting extensively on the rupiah’s depreciation, he noted that technical matters regarding the exchange rate fall under the specific jurisdiction of the central bank.
Despite the current volatility, Purbaya expressed confidence in the country’s economic resilience. He suggested that strong domestic economic foundations would facilitate the eventual recovery of the currency. “With a solid economic foundation, correcting the exchange rate should not be overly difficult. However, that is not my specific task; the central bank will explain the strategies for improvement,” Purbaya stated.
When approached for further comment regarding the currency’s decline, Bank Indonesia Governor Perry Warjiyo remained brief, opting to delay any formal statements until a later time. “We will discuss it later, just wait,” Perry said.
Summary
President Prabowo Subianto convened a meeting with the Financial System Stability Committee (KSSK) at the Merdeka Palace to address the Indonesian rupiah’s decline to 17,425 per US dollar. Key officials, including Bank Indonesia Governor Perry Warjiyo and Finance Minister Purbaya Yudhi Sadewa, attended the session to discuss the nation’s current economic challenges and the currency’s historic volatility.
Minister Purbaya emphasized that the country maintains strong economic fundamentals, which should support the eventual recovery of the rupiah. While he noted that exchange rate management remains the primary jurisdiction of the central bank, Governor Perry Warjiyo declined to provide immediate details, indicating that formal statements will be released at a later time.