TEMPO.CO, Jakarta - President Joko Widodo, also known as Jokowi, has asked Bank Indonesia to focus its efforts in maintaining the stability of rupiah in the midst of financial turmoil caused by the coronavirus (COVID-19) pandemic.

“I am asking for synergy in policies to be maintained between the central government, the Finance Ministry, Bank Indonesia, the Financial Services Authority (OJK), and the Deposit Insurance Corporation," he said when opening a limited meeting on fiscal and monetary policy through a video teleconference in Bogor, today, March 20. The president asked for the central bank to focus on maintaining rupiah's stability, inflation, and accelerating the use of rupiah accounts in the country.

As of Friday, March 20, the rupiah's interbank rate in Jakarta fell deeper. Earlier at 09:55 Jakarta time, the rupiah fell 0.31 percent to trade for Rp15,963 per dollar. Meanwhile, Bank Indonesia's middle rate on Friday showed the rupiah corrected to Rp16,273 per US dollar.

In addition, President Jokowi asked the financial authorities to prepare risk mitigation against the turmoil caused by the Covid-19 pandemic.

He reminded that the global pandemic greatly affected the growth of the world economy, estimating that the global economic growth in 2020 will drop to 1.5 percent from three percent.

In hindsight of this, President Joko Widodo has projected Indonesia's economic growth, targeted at 5.0-5.4 percent, to decline.

"We have to face this challenge, especially in fiscal matters. Yesterday at the meeting, I asked for refocusing on reallocation of the state budget, and regional budgets. I asked to focus on 3 things, first, health in COVID-19 control. Secondly, the social safety net, such as social assistance and thirdly, economic incentives for businesses and SMEs so that they can continue to produce and avoid (job) layoffs," Jokowi remarked.

ANTARA | DIO SUHENDA (Intern Translator)