Students Protest Rupiah Decline, Seal Bank Indonesia Office in Central Java

Students in Semarang, Central Java, staged a protest at the Bank Indonesia (BI) office on Friday, expressing anger over the rupiah's sharp depreciation against the US dollar. Members of the All-Indonesia Student Executive Bodies Alliance (BEM SI) Central Java carried banners reading "Condolences on the Death of the Rupiah" and "Rupiah is Dying."

The demonstrators burned imitation money and sealed the entrance to the BI office. Kevin Kurnia Priambodo, President of BEM Politeknik Negeri Semarang, declared an ultimatum: if the economy does not improve within 18 days, they will escalate their protest to the central Bank Indonesia and the Ministry of Finance in Jakarta.

Priambodo explained the 18-day deadline was chosen to match the rupiah's current exchange rate of Rp18,000 to the US dollar. "We are waiting for 18 days for economic improvement, for economic stability and for the rupiah to strengthen soon," he stated.

He warned that the weakening rupiah is a ticking time bomb, potentially exacerbated by rising subsidized fuel prices. "This could explode in three days, a week from now. Fuel prices rise, rice prices rise, and the rupiah exchange rate could reach Rp19,000," Priambodo cautioned.

Priambodo emphasized that the protest served as a warning to both the government and the public, urging awareness and readiness. "We are here out of love, care, and support. Please, may the rupiah strengthen soon. We express our unease, an ultimatum, and a warning to the government so they quickly become aware," he said.