April 21, 2026 | 11:20 am
TEMPO.CO, Jakarta - The Indonesian currency of rupiah has consistently remained at the level of 17,000 per US dollar since the beginning of this month. On Tuesday, April 21, 2026, at 09:00, the exchange rate of the rupiah was at 17,125 against the US dollar.
The current rupiah exchange rate against the dollar is further deviating from the macro assumption target of the 2026 State Budget (APBN) which was set at the level of Rp16,500 per US dollar. The Financial Note of the 2026 State Budget Draft outlines that for every 100 rupiah depreciation per dollar, there will be an impact of a revenue increase of Rp5.3 trillion and a state expenditure increase of Rp6.1 trillion.
This means that for every 100 rupiah depreciation per dollar from the assumption of Rp16,500 per US dollar, the State Budget will experience a deficit of approximately Rp800 billion. Not only does it affect the deficit, but the rupiah depreciation also poses risk for foreign currency debt payments, especially in US dollars.
The Head of the Communication and Information Bureau of the Ministry of Finance, Deni Sujantoro, stated that despite the current unstable global conditions, the government is committed to managing the State Budget effectively. "The Ministry of Finance is committed to managing the APBN in a prudent, flexible, and responsive manner in dealing with exchange rate dynamics," said Deni to Tempo on Sunday, April 19, 2026.
Deni stated that the government continues to optimize various fiscal instruments, including through revenue optimization, strengthening the quality of expenditure, revenue optimization, and careful financing management. Thus, the State Budget remains healthy and can effectively function as a shock absorber.
In its role as a shock absorber, according to Deni, the state budget (APBN) is directed to cushion the continued impact of the global energy price surge and exchange rate depreciation, so as not to be fully transmitted to the domestic economy.
The government is also preparing measures to mitigate the impact of the strengthening dollar on financing by strengthening loans or debts from within the country. "In terms of financing, the government consistently strengthens the domestic financing base as a risk mitigation measure against exchange rate risks," Deni said.
Amidst the increasing global volatility, the government actively manages financing strategies through the timing regulation of government securities issuance, optimal tenor selection, and the utilization of the most efficient financing sources according to market conditions.
Financing diversification is also being expanded, both in terms of instruments and currencies. On the other hand, the yield spread of government securities (SBN) compared to US Treasuries is currently more attractive compared to the spread against other developing countries. This indicates that SBN has the potential to become the choice of global investors if global sentiment improves and investors begin to look towards developing countries again.
Deni stated that the government continues to maintain its commitment to prudent fiscal management and fiscal discipline. "Therefore, fiscal space and market confidence remain preserved amidst the highly dynamic global situation," he said.
Read: Rupiah Strengthens as Non-Subsidized Fuel Prices Rise
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