Analysis Of The Zmijewski (X-Score) and Altman (Z-Score) Models in Predicting Bankruptcy Potential of PT Wijaya Karya (Persero) Tbk
DOI:
https://doi.org/10.59971/jumawa.v3i3.462Keywords:
Bank Indonesia, ; exchange rate stability, monetary policy, Rupiah, qualitative studyAbstract
The Rupiah exchange rate against the United States Dollar is an important indicator of Indonesia’s macroeconomic stability. Exchange rate fluctuations are influenced by external factors, such as global monetary policy tightening, geopolitical uncertainty, and capital flow volatility, as well as domestic factors, including inflation, current account conditions, and market expectations. As the central bank, Bank Indonesia plays a strategic role in maintaining Rupiah stability through various monetary policy instruments, including benchmark interest rate adjustments, open market operations, foreign exchange market intervention, foreign exchange reserve management, and policy communication. This study aims to analyze Bank Indonesia’s monetary policy strategy in maintaining Rupiah exchange rate stability during the 2020-2024 period. Using a descriptive qualitative approach, this study examines official reports, policy documents, and relevant literature to understand the implementation and effectiveness of Bank Indonesia’s policy mix. The findings indicate that Bank Indonesia’s monetary policy was relatively effective in containing excessive exchange rate volatility amid global and domestic pressures. Interest rate adjustments helped strengthen market confidence and reduce imported inflationary pressure, while foreign exchange intervention and reserve management supported short-term exchange rate stability. In addition, transparent and forward-looking policy communication contributed to reducing uncertainty and guiding market expectations. This study highlights that exchange rate stability is achieved not through a single instrument, but through an integrated, adaptive, and credible monetary policy strategy.
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