The President asked us, together with the Finance Minister, to monitor regulations to strengthen the financial system and maintain prudence.
Jakarta (ANTARA) - President Prabowo Subianto invited several economic officials from President Susilo Bambang Yudhoyono (SBY)'s administration to share their experiences in dealing with the 2008 global financial crisis.

This was conveyed by Coordinating Minister for Economic Affairs Airlangga Hartarto after accompanying President Prabowo at the meeting in Presidential Palace on Friday.

"Together with Finance Minister Purbaya Yudhi Sadewa, we accompanied the president to receive several figures who had served as ministers or governors of Bank Indonesia," Hartarto explained.

In attendance were former Governor of Bank Indonesia (2003-2008), Burhanuddin Abdullah; former Minister of State for National Development Planning/Head of Bappenas (2005-2009); Paskah Suzzeta; and former Deputy Minister of National Development Planning/Deputy Head of Bappenas (2010-2014); Lukita Dinarsyah Tuwo.

According to Hartarto, the figures shared their experiences in dealing with the economic crisis from 2004 to 2014.

One of the topics discussed was inflation, which reached around 17 percent, and exchange rate fluctuations due to the rise in global oil prices in 2005.

At that time, global oil prices soared to US$140 per barrel, resulting in inflation rising by up to 27 percent.

He said that compared to current conditions, Indonesia’s macroeconomic situation is relatively stronger, with better fundamentals and rupiah depreciation of around 5 percent—lower than in previous crisis periods.

“If we look at today’s context, our macroeconomic situation is relatively better, fundamentals are stronger, and rupiah depreciation is around 5 percent. This is much lower than previous cases. From their experiences, we learn how to anticipate and prepare for future challenges,” he said.

The President also instructed officials to closely monitor regulations aimed at strengthening the financial sector and maintaining prudence in the banking system.

The government will also review measures to strengthen bank capital, given the large number of banks operating in Indonesia.

“The President asked us, together with the Finance Minister, to monitor regulations to strengthen the financial system and maintain prudence. We do have many banks, and we may need to examine how to strengthen their capital base,” Hartarto said.

Meanwhile, Burhanuddin Abdullah said the meeting focused on past experiences that could serve as lessons for addressing current economic conditions.

He cited the 126 percent increase in fuel prices in 2005, driven by external shocks that also affected the domestic economy.

“The increase at that time was caused by external factors, and the impact is similar to what we see today. The policy response may need further refinement,” he said.

He added that the discussion did not focus specifically on the rupiah exchange rate, but on broader impacts of global conditions on the national economy.

He also emphasized the importance of more detailed fiscal and monetary responses, as well as stronger inter-agency coordination in addressing economic challenges.



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Translator: Fathur Rochman, Resinta Sulistiyandari
Editor: M Razi Rahman
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