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The Unraveling of Our Central Bank’s Independence

Monday, January 26, 2026

Rupiah is sinking as the government dodges fiscal reality. Now it is also eroding the central bank’s independence.

arsip tempo : 177598341535.

Ilustration: Tempo/Lukmannul Hakim. tempo : 177598341535.

WHEN it comes to defying the market, Prabowo Subianto’s government has shown a striking appetite for risk. As pressure on the rupiah intensifies, the administration has chosen to stand its ground. Yet there is still no indication that the core issue unsettling investors—a fragile fiscal position—is being addressed.

Indonesia’s 2026 State Budget lays the problem bare. Markets see its core assumptions as excessively up

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