RRI.CO.ID, Jakarta - Finance Minister Purbaya Yudhi Sadewa has emphasized that Indonesia will not relive the 1998 economic crisis, noting that the current weakening of the rupiah is far from the monetary turmoil of that period.

“If we compare it to 1998, back then the rupiah fell from 2,000 to 17,000, a multiple‑fold decline. Now, with a depreciation of 4–5 percent, it’s actually quite different,” Minister Purbaya said during a press briefing at the Presidential Palace in Jakarta on Friday, May 22, 2026.

He stressed that Indonesia’s economic fundamentals remain strong, citing 5.61 percent growth in the first quarter of 2026. According to him, several economists invited by President Prabowo Subianto agreed that the fundamentals are solid.

Among those invited to the Merdeka Palace were senior economist and former Bank Indonesia Governor (2003–2008) Burhanuddin Abdullah; former Coordinating Minister for the Economy under President Susilo Bambang Yudhoyono, Lukita Dinarsyah Tuwo; and former Minister of National Development Planning, Paskah Suzetta.

Minister Purbaya told President Prabowo that these figures assessed the current pressure and exchange rate issues as perception‑driven, influenced by institutions such as Morgan Stanley Capital International (MSCI) and rating agencies. “So, we will improve the way we communicate our successes to the public,” he said.

Meanwhile, Burhanuddin Abdullah urged the public not to equate the current rupiah depreciation with past crises. He noted that the present decline of around 5 percent is far lower than the 42 percent seen during earlier crises.

“This trend needs to be explained more clearly. It should be better communicated to the public,” said Burhanuddin. (Gusti Panji)