Rupiah Effect Drops, Bulog Boss: Rice And Corn Import Fees Immediately Rise

JAKARTA - President Director of Perum Bulog Bayu Krisnamurthi said the current weakening of the rupiah exchange rate against the US dollar will certainly have a direct impact on the cost of importing rice and corn.

Bayu explained that the dollar assumption used in Bulog's cost calculation is an assumption in the national revenue and expenditure budget (APBN).

For your information, the rupiah exchange rate in the macroeconomic assumption in the 2024 State Budget is IDR 15,000. Meanwhile, based on Bloomberg data on Thursday, April 25, the rupiah was recorded to have weakened to the level of IDR 16,187 per US dollar.

"You can see the difference between the real dollar and the assumption that the state budget, that's where the increase in Bulog costs occurs," Bayu told reporters at the office, Jakarta, written Friday, April 26.

Karena itu, Bayu mengatakan peningkatan dolar atau pelemahan rupiah dampaknya alkan pamgsung terasa pada biaya impor. Sebab, pembeliannya akan mengikuti kurs saat ini.

"So the tonnage (rice and imported corn) is multiplied by the price multiplied by the exchange rate. If the exchange rate increases by 10 percent, the total cost to pay for imports increases by 10 percent. That's direct (up) nature," he explained.

Bayu also suggested that food stabilization policies be carried out in the long term to manage similar risks. This is because, through a long-term stabilization program, the risk of increasing the price of dollars can be eased with a long-term purchase contract.

(Long-term food stabilization) I not only say for imports, but also domestically. That is important that we have long-term policies. Not because we want imports in the long term but we can make plans and anticipate the risks that may occur," he said.

Even so, Bayu said that the import policy was entirely assigned by the government. Therefore, the cost of importing rice and corn will be pass through or charged to the state budget.

Bayu also admitted that he had discussed with the Ministry of Finance (Kemenkeu) and banks that were financing imports to carry out joint calculations in dealing with the exchange rate situation.

Bulog telah melakukan stress test yang terus terus dibaru dari waktu ke waktu melihat pergerakan rupiah kepada dolar. Kita terus lakukan simulating sampai dengan saat ini, bisa sampaikan bahwa dengan kerja sama intens dengan Kemenkeu dan perbankan, kegiatan Bulog untuk memperkuat stok masih bisa terjaga, jelasnya.