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Bank Indonesia Pleased, Trio Airlangga-Sri Mulyani-Tommy Djiwandono Strengthen the Rupiah

Senior Bank Indonesia Board of Governors member Destry Damayanti

Jakarta – Senior Bank Indonesia Board of Governors member Destry Damayanti stated that this morning’s press conference on the 2025 State Budget Plan (APBN) has successfully mitigated the recent depreciation of the rupiah.

She reported that the conference, attended by Coordinating Minister for Economic Affairs Airlangga Hartarto; Finance Minister Sri Mulyani; and Financial Sector Member of the Government Transition Task Force Thomas Djiwandono or Tommy Djiwandono, helped the Garuda currency to close stronger today.

“The press conference between current and upcoming government representatives had a quite significant impact. The market is more quiet and the rupiah strengthened today,” Destry said during a meeting with Commission XI of the DPR RI in Jakarta, Monday, (June 24, 2024).

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Destry explained that the government’s clarification reassured investors about the continuity of Indonesia’s fiscal management. She noted that this market confidence contributed to the rupiah’s strength, even compared to neighboring countries.

“It strengthened even compared to its peer group, we strengthened significantly more, so its position has somewhat strengthened compared to before,” she said.

According to Refinitiv, the Indonesian rupiah has finally strengthened against the US dollar after several days of decline, breaking through the Rp 16,400/US$ level. The rupiah closed stronger by 0.3% at Rp16,390/US$ on Monday (24/6/2024). Previously, the rupiah had reached its weakest point at Rp16,470/US$.

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Meanwhile, the Dollar Index (DXY) at 3:00 PM WIB dropped to 105.67, a decrease of 0.12. This figure is lower compared to the previous day’s close of 105.79.

This morning, Airlangga Hartarto, Sri Mulyani, and Tommy Djiwandono held a press conference at the central office of the Directorate General of Taxes, Ministry of Finance. During the press conference, Sri Mulyani emphasized that the communication between President Joko Widodo’s administration and the synchronization team of the President-elect Prabowo Subianto is going well.

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She assured that flagship programs of Prabowo, such as free nutritious meals, are included in the 2025 State Budget draft and will not cause the fiscal deficit to balloon. Additionally, Thomas Djiwandono also confirmed that the incoming president’s government will adhere to the deficit limit in the state budget and is committed to continuing disciplined fiscal management.

Source CNBC Indonesia


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