Our rupiah doesn't seem safe, why is that?

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The rupiah exchange rate against the US dollar continues to weaken. Now, the rupiah is at the psychological level of 15 thousand per US dollar. Many parties claimed to be worried about this situation.


However, Bank Indonesia (BI) continued to state that the rupiah was still within safe limits, even though it was Rp. 15,000 per US dollar. According to the central bank, the financial sector and a number of national economic indicators are still well maintained.

BI Deputy Governor Mirza Adityaswara said foreign exchange supply and demand in the country were still going well. The increase in prices of goods and services was relatively well maintained.

"So, it's still within safe limits. Don't get stuck on the level," Mirza said at the BI office, Jakarta, Thursday (4/10).

The level referred to by Mirza is the nominal amount of the rupiah which is currently at 15 thousand per US dollar. The central bank reminded to pay attention to the percentage of weakening in which the rupiah is still within safe limits compared to other currencies.

Indeed, the rupiah continued to weaken against the US dollar in trading on Thursday (4/10). Based on the Jakarta Interbank Spot Dollar Rate (Jisdor) reference rate, the rupiah closed at the level of Rp. 15,133 per US dollar. This value is weaker than the previous day's position of Rp. 15,088 per US dollar.

Mirza said the banking sector also still showed strong resilience. This is indicated by the capital adequacy ratio / / / capital adequacy ratio // (CAR) which is above 20 percent.

That amount is far above the minimum ratio of 8.5 percent without considering the exchange rate risk aspect. If you take into account the risks, said Mirza, a bank must have a CAR of at least 14 percent.

"Now the CAR is above 20 percent. So, it's still strong," he said.

BI, continued Mirza, always pay attention to liquidity conditions on the market. BI views that liquidity is still sufficient, although previously the BI 7-Day Reverse Repo Rate was raised 25 basis points (bps) to 5.75 percent. BI will enter the financial market if liquidity tightens.

Mirza requested that rupiah depreciation conditions should not only be seen from the number position which has exceeded the new psychological level above Rp. 15 thousand. Aspects of volatility and supply and demand also need to be considered.

according to him, Indonesia has experienced exchange rate volatility since 2013. However, volatility also occurred in other countries, such as India, the Philippines, Mexico, Brazil, South Africa, even developed countries with lower interest rates than the US.

This weakening actually happened when the government and the central bank met with entrepreneurs. In the declaration, the entrepreneurs agreed to prioritize using rupiah in their business.

One of the largest coal corporations in Indonesia, PT Adaro Energy Tbk, even yesterday exchanged their US dollars in rupiah equivalent to Rp. 25 trillion.
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