Indonesian Rupiah Weakness Prompts Online Criticism of Finance Minister

Jakarta – Indonesia’s Finance Minister, Purbaya Yudhi Sadewa, recently revealed he has been the target of online criticism, including direct insults on TikTok, following the rupiah’s depreciation to IDR 17,000 per US dollar on March 9, 2026. The minister attributed the currency’s weakening to global geopolitical factors, while emphasizing Indonesia’s relative economic stability compared to its regional peers.

Rupiah Depreciation and Geopolitical Concerns

The rupiah has depreciated by 0.3% against the US dollar since the escalation of conflict in Iran, according to Minister Purbaya. However, he noted this decline is less severe than those experienced by neighboring countries such as Malaysia (down 0.5%) and Thailand (down 1.6%). This comparison was made during a press conference on March 11, 2026, regarding the State Budget (APBN).

Minister Addresses Online Criticism

Purbaya acknowledged receiving harsh criticism on TikTok, stating, “On TikTok, I was scolded by people, ‘Hey Mr. Purbaya, what does the Minister of Finance do, you’re looking at the rupiah!’” He urged the public to assess the situation fairly, considering the global economic context and Indonesia’s economic fundamentals.

Economic Fundamentals Remain Strong

The Finance Minister expressed optimism about Indonesia’s economic resilience, highlighting the country’s sound fiscal and monetary policies. He believes that strong economic fundamentals will eventually support a recovery in the Composite Stock Price Index (IHSG). “If the fundamental economy continues to be excellent, shares will automatically slowly rise again to a better level than now,” Purbaya stated.

Context of Global Currency Fluctuations

The rupiah’s recent performance reflects broader trends of dollar strength globally, influenced by heightened geopolitical tensions. Minister Purbaya emphasized the importance of evaluating Indonesia’s economic performance relative to other nations, arguing that the country is managing the situation effectively.

Source: DetikFinance, Bisnis.com, Katadata.co.id