Hi Entrepreneurs, Follow the Trail of Indonesia’s Richest People to Sell Dollars to Save the Rupiah

“The United States (US) dollar soared, the rupiah fell, Indonesia was in crisis?”

This is the question that most often comes out of various circles due to the weakening of the rupiah exchange rate. Even though it has been affirmed by Bank Indonesia (BI) and the government that the condition of the Garuda currency is different from the time of the 1997-1998 monetary crisis, there are still concerns from the public.

Indeed, the current global economic conditions are full of uncertainty. Like said, the turbulence is fast so that it causes chaos in the currency markets of developing countries, including Indonesia. If you have 1 US dollar, the value is equivalent to Rp. 15,200. The exchange rate of the US dollar is more expensive against the rupiah.

Seeing the situation of the weakening of the rupiah exchange rate, don’t even take the opportunity “while rising again”, it’s time to collect the US dollar. Precisely the country is in need of our help to save the rupiah from adversity. One of them is exchanging US dollars into rupiah.

This method has been done by some of Indonesia’s richest people. The cool language is Crazy Rich Indonesia. The conversion value from US dollars to rupiah reaches trillions of rupiah. Who are they?

1. Dato ’Sri Tahir

This famous Indonesian billionaire returned to action. Tahir was so called as he exchanged foreign currency worth 93 million US dollars and 55 million Singapore dollars (SGD) to the rupiah. That value is equivalent to more than IDR 2 trillion. The money comes from personal pocket, not belonging to the company. The rupiah coffers that have been exchanged will be deposited to Bank Mayapada to strengthen the bank’s capital.

Dato ’Sri Tahir is the founder of the Mayapada Group with a business network in the banking, print and pay TV, property, hospital, and tax-free store chains (duty free shopping / DFS).

In a row of Indonesia’s 50 richest people by Forbes 2018, Crazy Rich Surabaya is ranked 8th with assets worth 3.5 billion US dollars or around Rp52.5 trillion (exchange rate of Rp15,000).

Before living in wealth, Tahir was born and grew up in a poor family. His father is only a pedicab tenant. But thanks to his hard work and perseverance, the 66-year-old man was able to win success to become a famous tycoon. Tahir is also known as a generous figure and founded the foundation, Tahir Foundation.

2. Boy Thohir

Garibaldi Thohir alias Boy Thohir, President Director of PT Adaro Energy Tbk, converted a company transaction from US dollars to rupiah worth 1.7 billion or around more than Rp25 trillion. The move was carried out with its business partners in order to help the government stabilize the rupiah exchange rate.

Adaro Energy is one of the world’s largest coal producers. Boy Thohir was the figure behind the glory of the ADRO-coded issuer. Erick Thohir’s older brother started his career as a landlord, founded a finance company WOM Finance, and ended up being the boss of a mining company.

Now a graduate of Northrop University, the United States has pocketed 1.41 billion worth of assets or around Rp.21.2 trillion and is ranked 23th Indonesia’s richest person by Forbes Magazine.

3. Sandiaga Uno

Sandiaga Salahudin Uno or who is familiarly called Sandi, a tajir entrepreneur as well as Candidate Vice President (Cawapres) of Prabowo Subianto, is recorded to have a wealth of assets worth Rp. 5 trillion, based on the State Administration Assets Report (LHKPN) announced by the Corruption Eradication Commission (KPK).

The wealth comes from his business octopus at Recapital Advisors, Saratoga Investama Sedaya, Adaro Energy, Mitra Pinasthika Mustika, Provident Agro, Medco Power Indonesia, Tower Bersama Infrastructure, and Lintas Marga Sedaya.

Even though in front of the public, the password was ‘imaging’ by exchanging 1,000 US dollars to the rupiah, but the man born in Pekanbaru, Riau claimed to have exchanged nearly 40% of foreign exchange assets (forex) into the Garuda currency. Overall, 95% of the assets of the former Deputy Governor of DKI Jakarta are in rupiah.

Not there, Sandiaga Uno released 51.4 million of his shares in Saratoga Investama Sedaya worth Rp194.09 billion. Then sold another 30.10 million shares and raised Rp113.71 billion in funds. The fresh fund is planned to be used to buy government bonds. Buying bonds issued by the government can also help finance the state and help the rupiah.