Jakarta - The current high level of global uncertainty is prompting stakeholders to work more closely together to safeguard the national economy, particularly the rupiah’s exchange rate against the dollar.
If the rupiah’s stability can be maintained, it will have a positive impact on the financial industry and the real sector, which will ultimately sustain the momentum of national economic growth.
Aslan Lubis, Head of the Licensing and Crisis Management Department at the Financial Services Authority (OJK), stated that this year has not been an easy one for the financial services industry. This is because the challenges faced are significant, stemming from both high uncertainty in global markets and domestic conditions.
Globally, geopolitical uncertainty persists due to the Iran-U.S. conflict, which continues to this day. Furthermore, many countries—led by the United States—are adopting increasingly protectionist policies that prioritize their own interests.
“All these factors of uncertainty are disrupting global supply chains, particularly in the energy sector—as we all know, we have now become a net importer, especially of oil,” said Aslan during the Forekbank Financial Outlook 2026 discussion in Jakarta today, Thursday, July 29, 2026.
Aslan believes that, given such enormous challenges, this is certainly not easy for us, and no single institution can claim to be able to solve these problems on its own. Therefore, synergy among stakeholders is absolutely essential.
Bank Indonesia, for example, has raised its benchmark interest rate by 125 basis points since May 2026. The government, through the Ministry of Finance, has also implemented budget efficiency measures, particularly for the Free Nutritious Meals program, for next year. The goal is to maintain the stability of the rupiah and fiscal strength.
“We should be proud that financial sector stability—as I believe everyone here can see—has been very well maintained to date,” added Aslan.
Meanwhile, Telisa Falianty, an economist at the University of Indonesia, stated that strengthening the synergy between fiscal and monetary policies is key to maintaining national economic stability amid mounting pressures from global geopolitical dynamics and financial market uncertainty. Harmonization between the Ministry of Finance (Lapangan Banteng) and Bank Indonesia (Kebon Sirih) must proceed in a balanced manner without either party dominating, because if one sector dominates, it risks triggering instability in the national economy.
“Between Lapangan Banteng and Kebon Sirih, there must be harmony between monetary and fiscal policies. We must ensure that fiscal policy does not become too dominant over monetary policy—or vice versa. If fiscal policy becomes too dominant, it will create the potential for a crisis and undermine prudential standards,” she said.
On the other hand, according to Telisa, fiscal policy adjustments also face challenges in terms of transmission to the regions. The reduction in Regional Transfer Funds (TKD) to redirect resources toward national priority programs is seen as requiring smooth coordination and synchronization between the central and regional governments.
“Yes, so that basic public services are not disrupted,” said Telisa.
In terms of transmission to the real sector, although macro-level credit growth shows signs of recovery, its distribution is still concentrated in large corporate sectors—such as the palm oil, nickel, and CPO industries, as well as project investment loans—while credit growth for MSMEs and working capital loans remains insignificant. This situation aligns with the decline in the purchasing power of the middle class, as reflected in shifts in financial behavior.
“This ranges from the widespread phenomenon of withdrawing savings (‘eating into savings’) to using loan facilities to meet daily needs (‘living off loans’) or indulging in frivolous spending,” Telisa emphasized.
Piter Abdullah, a senior economist at the Prasasti Center for Policy Studies, emphasized the importance of risk mitigation (hedging) measures for corporations and financial institutions amid exchange rate volatility triggered by escalating global geopolitical tensions. Global market uncertainty has led to a rise in domestic credit default swaps (CDS) and put pressure on the rupiah.
“Hedging is the strategy to mitigate the effects of these developments and the weakening of the rupiah. It is an effort by corporations and financial institutions to protect the value of their assets and investments from the risk of currency depreciation,” explained Piter.
Piter continued, noting that the domestic financial and banking systems currently offer a variety of hedging instruments that businesses can utilize. These include Forex Forwards, Domestic Non-Deliverable Forwards (DNDFs), FX Swaps, FX Options, Cross-Currency Swaps, and Interest Rate Swaps.
“Solid synergy between adaptive fiscal policy, credible and independent monetary policy, and strong financial sector supervision is expected to maintain the resilience of the national economy so that it remains prudent, resilient, and well-tested,” said Piter.
“A solid synergy between adaptive fiscal policy, credible and independent monetary policy, and strong financial sector supervision is expected to maintain the national economy’s resilience so that it remains prudent, resilient, and well-tested,” said Piter.
From the banking sector’s perspective, amid this uncertainty, PT Bank Syariah Indonesia Tbk. (BSI) is sharpening its financing strategy by balancing business expansion, operational efficiency, and measured risk management. This step was taken to ensure the company’s growth is not only quantitatively effective but also maintains the quality of financing, healthy liquidity, and delivers a tangible impact on the national economy.
“The transformation of sharia financing needs to shift from merely pursuing expansion to fostering more effective growth—one that is also high-quality, profitable, and has a tangible impact on the economy. We maintain a balance between growth, financing quality, liquidity, financial inclusion, and the national development agenda,” said Bob Tyasika Ananta, Deputy President Director of BSI, in his presentation.
Bob continued, noting that amid global and domestic uncertainties, BSI sees growth opportunities remaining wide open, particularly through credit or investment financing, resilient productive sectors, and the government’s priority programs. The housing sector serves as one example of strengthening the supply chain.
“Through the People’s Business Credit (KUR) for Housing, BSI is targeting the demand side of homeownership among the public, while also strengthening the supply side by financing building supply stores and real estate agents, even though the company’s portfolio is dominated by the demand segment,” Bob stated.
In addition to the housing sector, BSI is also playing an active role in supporting the operations of the MBG Program. BSI has provided financing support in the form of Work Orders (SPG) totaling Rp444 billion, which has been allocated to 296 MBG Kitchens across various regions in Indonesia. (InfoPublik.id)