EXCHANGE RATE RISK: Limited Fiscal Maneuverability

The depreciation of the rupiah and the volatility in global crude oil prices are deviating further from the fundamental macroeconomic assumptions of the 2024 State Revenue and Expenditure Budget (APBN). The government is likely to encounter a scenario of constrained fiscal space during this period.

Editorial Team

29 Apr 2024 - 15.35
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EXCHANGE RATE RISK: Limited Fiscal Maneuverability

Bisnis, JAKARTA — The depreciation of the rupiah and the volatility in global crude oil prices are deviating further from the fundamental macroeconomic assumptions of the 2024 State Revenue and Expenditure Budget (APBN). The government is likely to encounter a scenario of constrained fiscal space during this period.

Following a meeting with President Joko “Jokowi” Widodo in mid-April 2024, Coordinating Minister for Economic Affairs Airlangga Hartarto outlined the measures the government intends to implement in response to geopolitical uncertainties and the strain on the rupiah's exchange rate.

Until at least next June, the government will maintain a close watch on unfolding dynamics that could impact various economic indicators in the country.

“We are adopting a monitoring approach, wait and watch. Our hope is for de-escalation,” stated Airlangga following his attendance at a limited meeting on Tuesday (16/4/2024).

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