Rush to Foreign Currency

TEMPO.CO, Jakarta - Muhammad Malik, 32, now closely monitors currency movements. In between work routines, the private-sector employee regularly opens his digital banking app to check the selling rates of the United States dollar and the Swiss franc. Since conflict in the Middle East rattled global markets and the rupiah continued to weaken, he began to feel the need to protect his savings.

Several months ago, Malik opened two foreign currency accounts through his banking application, one in US dollars and another in Swiss francs. His habit of following market and geopolitical news only deepened his concerns over the rupiah's slide. "I eventually started thinking about hedging my assets," he told Tempo on Friday, May 8, 2026.

The ability to open accounts and buy foreign currency directly through a digital banking app, Malik said, made the process feel effortless. His dollar account balance has now reached roughly US$5,000, while his Swiss franc savings stand at about 500 CHF. So far, the foreign currency accounts have not been used for any particular transactions. He is simply keeping the funds as a reserve against economic uncertainty.

Monica, a 33-year-old civil servant from South Solok, West Sumatra, has also turned her attention to foreign currency savings in recent months. Previously, she was more familiar with stock and mutual fund investments. But in March, she began purchasing US dollars and Singapore dollars through the foreign currency wallet feature on her digital banking app.

Read the Complete Story in Tempo English Magazine