Destry Damayanti, a senior member of the Bank Indonesia Board of Governors, stated that the press conference held this morning regarding the 2025 State Budget Plan (APBN) has effectively helped stabilize the recent depreciation of the rupiah.
During the conference, which was 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, the Garuda currency strengthened. Destry reported during a meeting with Commission XI of the DPR RI in Jakarta on Monday, June 24, 2024.
She explained that the government’s clarification provided reassurance to investors about Indonesia’s fiscal management continuity. This resulted in market confidence and contributed to the strength of the rupiah compared to neighboring countries.
According to Refinitiv, the Indonesian rupiah has finally strengthened against the US dollar, closing at Rp16,390/US$ on Monday, June 24, 2024, a 0.3% increase from its weakest point at Rp16,470/US$. Meanwhile, the Dollar Index (DXY) also decreased to 105.67 at 3:00 PM WIB, down from 105.79 the previous day.
In the morning press conference, Airlangga Hartarto, Sri Mulyani, and Tommy Djiwandono emphasized the good communication between President Joko Widodo’s administration and the President-elect Prabowo Subianto’s synchronization team. Sri Mulyani assured that Prabowo’s flagship programs, like free nutritious meals, are included in the 2025 State Budget draft without causing a significant increase in the fiscal deficit. Tommy Djiwandono confirmed the incoming president’s government commitment to maintaining the deficit limit in the state budget and continuing disciplined fiscal management.
Source: CNBC Indonesia
