TEMPO.CO, Jakarta - Finance Minister Sri Mulyani Indrawati said the most significant depreciation of the Indonesian Rupiah occurred in June 2024 during former President Joko Widodo's term. At the beginning of the year, the average exchange rate of the Rupiah reached Rp16,000 per U.S. dollar.
According to Sri Mulyani, the situation occurred due to the global turmoil that triggered domestic financial market pressures and intertwined with the Rupiah's exchange rate. "The rupiah then depreciated to Rp16,486 per dollar. This was the weakest point of the Rupiah in 2024," said the State Treasurer during a plenary session at the Parliament Complex on Tuesday, July 1, 2025.
As of June 30, 2025, the Rupiah exchange rate stood at Rp16,231 per U.S. dollar based on JISDOR data from Bank Indonesia.
Indonesia's IDX Composite (IHSG), according to Sri Mulyani, also tumbled in June 2024. At the beginning of 2024, the IHSG briefly parked at the level of 7,300, while in June, it plunged to 6,726.
But Sri Mulyani said the economy slowly recovered and showed progress by year-end, which was marked by the presidential and general elections.
"The transition period from President Jokowi to President Prabowo Subianto went well and became the key to economic and political stability. The government worked to maintain the economic fundamentals to remain strong," she said.
According to her, the domestic economic development is also influenced by the global situation, including the general elections in the U.S. This condition is also considered to have an impact on the global sentiment, including in Indonesia.
Therefore, Sri Mulyani said, the government continues to use both fiscal and monetary stimuli to maintain the economy and public activities. "While maintaining credibility and sustainability," said Sri Mulyani.
In the second semester of 2024, Sri Mulyani said economic stability was also evident. She stated that this condition was marked by the 5.03 percent of economic growth, which was primarily supported by household consumption. "It depicts resilience or the ability to withstand various shocks," she said.
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