Dampak Pandemi Covid-19 terhadap Stabilitas Moneter Indonesia

Abstract

This study aims: (1) to analyze the effects of the pandemic and the differences in policies in handling the Covid-19 pandemic on Indonesia's monetary stability; (2) to analyze the effect of money supply, BI-rate, market operations, stock index on Indonesia's monetary stability. This study uses quantitative analysis methods with multiple dummy variable regression. As a result, the number of pandemic cases and differences in policies had a significant effect on the stability of the rupiah. Simultaneously, the stability of the rupiah exchange rate is influenced by pandemic variables (cases, deaths, recovery and pandemic management policies, money supply (M1, M2), market operations (conventional and sharia), reference interest rates (BI-rate), inflation rate. foreign exchange reserves, financial stock index. These independent variables are correlated with the rupiah exchange rate with a correlation coefficient of R2 0.927073. The pandemic management policy, whatever its name, tends to weaken the rupiah exchange rate position. the exchange rate of the rupiah, meanwhile the formation of a task force had a lighter impact on pressing the rupiah compared to other policies.

Analisis Kebijakan Moneter Bank Indonesia Pada Masa Pandemi Covid-19

“…Di bidang kebijakan moneter, BI telah menurunkan suku bunga acuan sebesar 100 bps secara kumulatif pada bulan Februari, Maret, Juni, dan Juli 2020 menjadi 4 persen. BI juga mengumumkan langkah-langkah lain untuk meringankan kondisi likuiditas, antara lain: (1) penurunan rasio GWM bank; (2) meningkatkan durasi maksimum untuk operasi repo dan reverse repo (hingga 12 bulan); (3) memperkenalkan lelang repo harian; (4) meningkatkan frekuensi lelang FX swap tenor 1, 3, 6 dan 12 bulan dari tiga kali seminggu menjadi lelang harian; dan (5) meningkatkan ukuran operasi pembiayaan kembali mingguan utama sesuai kebutuhan (Junaedi et al, 2020).…”

Pengaruh Covid-19 terhadap Indeks Harga Saham Gabungan (IHSG) dan Nilai Tukar Rupiah

“…Secara relatif, pemberlakukan masa transisi new normal ternyata paling besar menekan nilai tukar rupiah. Sementara pembentukan satgas dampaknya lebih ringan dalam menekan rupiah dibanding kebijakan lainnya (Junaedi & Arsyad, 2020).…”

Policy Response and Collaboration in Handling Covid-19 East Kutai Regency With An Adaptive Governance Approach in Disasters

“…Recorded, the entire country's total cases on February 24, 2021, COVID-19 has infected 112,774,854 people on earth and resulted in 2,499,111 deaths of the exposed victim (Worldmeter, 2021). COVID-19 is the first pandemic in the modern era that impacts many human life sectors ranging from social, economic, political, educational, and other activities that require social interaction must be stopped and limited (Hadiwardoyo, 2020;Junaedi et al, 2020;Khan et al, 2021;Nasruddin & Haq, 2020;Syah, 2020).…”

“…Therefore, the Indonesian government, in handling the COVID-19 pandemic, must formulate the appropriate policy products to handle the spread of COVID-19 and maintain the health, social, and economic stability of the people in Indonesia at the same time (Junaedi et al, 2020;Shahbudin, 2020;Tuwu, 2020). Adaptation in governance is an important thing that must carry out by producing swift, efficient, and practical policy products in handling the COVID-19 pandemic (Janssen & van der Voort, 2020;Telaumbanua, 2020).…”