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Manajemen Nilai Tukar Di Indonesia Dan Permasalahannya

Author

Listed:
  • Miranda S. Goeltom

    (Bank Indonesia)

  • Doddy Zulverdi

    (Bank Indonesia)

Abstract

Nilai tukar rupiah yang relatif stabil dan bahkan cenderung mengalami apresiasi sebelum Juli 1997 telah mendorong capital inflow yang cukup besar ke Indonesia. Fenomena tersebut merupakan hal yang logis bagi suatu negara yang menganut sistem devisa bebas dan perekonomiannya terbuka karena arus modal akan selalu mengikuti return investasi yang terbesar dan resiko seminimal mungkin. Namun sejak currency turnmoil melanda Thailand dan menyebar ke negara-negara ASEAN lainnya pada pertengahan Juli 1997, capital inflow tersebut telah menjadi bumerang karena telah berubah menjadi arus balik yang membahayakan baik terhadap nilai tukar rupiah maupun terhadap perekonomian nasional. Nilai tukar rupiah secara simultan mendapat tekanan yang cukup berat karena besarnya capital outflow akibat hilangnya kepercayaan investor asing terhadap prospek perekonomian Indonesia. Tekanan terhadap nilai tukar rupiah tersebut diperberat lagi dengan semakin maraknya kegiatan speculative bubble, sehingga sejak krisis berlangsung nilai tukar rupiah mengalami depresiasi hingga mencapai 75%.

Suggested Citation

  • Miranda S. Goeltom & Doddy Zulverdi, 1998. "Manajemen Nilai Tukar Di Indonesia Dan Permasalahannya," Bulletin of Monetary Economics and Banking, Bank Indonesia, vol. 1(2), pages 69-91, September.
  • Handle: RePEc:idn:journl:v:1:y:1998:i:2d:p:69-91
    DOI: https://doi.org/10.21098/bemp.v1i2.169
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