Jakarta: The rupiah plunges, investor confidence shaken. Protests erupt once again
Facing a stock market sell-off and the Indonesian rupiah hitting a record low against the US dollar, supporters of Prabowo have launched a social media campaign centered around the hashtag #BuyIndonesia (Buy Indonesia). Through this hashtag, ordinary citizens, financial bloggers, and public figures are urging people to maintain confidence in the country’s economic fundamentals, framing market declines as opportunities for long-term investment. Meanwhile, the hashtag #SellSingapore (Sell Singapore) has rapidly gained popularity, used symbolically by those who believe negative sentiment originates from Singapore as a regional financial hub.
However, economists urge caution, pointing out that financial markets are influenced by multiple factors, including global economic conditions, international interest rates, geopolitical tensions, and investors’ perception of risk. The government, meanwhile, attempts to calm markets by emphasizing that the economy remains strong, with robust banking systems and sound public finances.
In parallel, thousands of Indonesian students took to the streets of Jakarta today to protest against President Subianto’s spending policies, particularly the recent increase in gasoline prices.
The demonstration, named "Indonesia on the Path to Bankruptcy," marched toward Bundaran HI—the city’s famous transportation hub. Organizers reported that some protesters were blocked by police and military forces before reaching their designated protest site.
For months, despite rising international oil prices and escalating conflict between Iran and other regional nations driving up fuel costs, the Indonesian government had kept fuel prices unchanged. However, with Prabowo’s spending plans already straining the national budget, gasoline prices surged this week.
The students carried slogans such as “Cancel Fuel Price Hikes” and “Shame Wall,” directly targeting the government. Yatalathof Ma’shum Imawan, a student leader at Universitas Indonesia, stated that protesters presented five main demands: halting government-sponsored free meal programs and rural cooperative projects; lowering fuel and basic food prices; and cutting unnecessary expenditures.
The students argue that costly free meal programs have worsened the nation’s fiscal crisis, forcing the government to reduce or eliminate certain subsidies.
Source: Asia News
Author: Mathias Hariyadi
Original: toutiao.com/article/1867929613813960/
Disclaimer: This article reflects the personal views of the author