On February 1, 2024, Google addressed an issue regarding inaccurate exchange rate information for the Indonesian rupiah (IDR) displayed on its platform. The exchange rate, which erroneously listed the rupiah at IDR 8,170.65 per US dollar, raised concerns among users and financial experts alike. Google confirmed that the data in question came from a third-party source, and immediately took action to rectify the mistake.

A Google representative issued a statement, clarifying that they were aware of the problem and had contacted the data provider to correct the exchange rate error as soon as it was reported. "We are aware of an issue affecting the Rupiah (IDR) exchange rate information on Google Search," the representative stated. "Currency conversion data comes from a third-party source, and we are working to correct this."

This error, which occurred on Saturday afternoon, did not stop at the rupiah exchange rate. Other currencies were also affected, including the euro, which displayed an erroneous value of IDR 8,348.50 instead of the correct IDR 16,889.

The discrepancy between Google's data and official figures caused immediate concern among experts. On January 31, 2025, the official exchange rate listed by Bank Indonesia placed the rupiah at IDR 16,305 per US dollar, a weakening of 0.3 percent from the previous day's close. Bank Indonesia's Jakarta Interbank Spot Dollar Rate (JISDOR) also recorded a weaker rupiah at IDR 16,312 per US dollar.

Ramdan Denny Prakoso, Head of Bank Indonesia's Communication Department, swiftly weighed in on the matter, confirming that the exchange rate shown by Google was incorrect. "The exchange rate of IDR 8,170 per US dollar shown on Google is not the correct figure," he said in a public statement.

Possible Hack Attack?

Amidst the confusion, some observers speculated that the exchange rate display error could have been the result of a hacking incident. Ibrahim Assuaibi, a prominent money market analyst, suggested that the erroneous value of IDR 8,170.65 per US dollar could be a hacker's attempt to manipulate public perception of the rupiah's value. He argued that the hackers may have targeted the exchange rate display as a form of protest, especially in light of President Prabowo Subianto's ambitious target for Indonesia's economic growth.

Assuaibi also pointed out the stark contrast in growth projections between various government entities. The Ministry of Finance has forecasted a 5.2 percent growth for Indonesia's economy in 2025, while Bank Indonesia's estimates range from 4.8 percent to 5.1 percent. In contrast, the central bank revised its 2025 economic growth forecast down to just 3.3 percent.

This gap in predictions, Assuaibi said, along with growing concerns about unemployment and the government's economic strategies, may have led disgruntled individuals to manipulate the exchange rate. He even speculated that hackers might have used the incident to communicate dissatisfaction with the government's economic policies.

Public Outcry and Social Media Buzz

The appearance of the incorrect exchange rate on Google quickly became a hot topic in Indonesia. By the evening of February 1, discussions about the issue had dominated social media platforms, with thousands of tweets discussing the rupiah's erratic behavior. Many expressed concern over the possibility that the rupiah's fluctuating value was tied to a larger underlying problem with the country's economic stability.

Despite the error's potential impact, financial experts like Assuaibi remained calm, predicting that the exchange rate would likely stabilize soon after the correction. "This is most likely a momentary issue," he said. "By Monday, the situation will return to normal."

As of now, Google has worked with its data provider to resolve the issue, and the correct exchange rate for the rupiah is expected to be reflected shortly. However, the incident has highlighted the complexities surrounding currency information in the digital age, with experts urging users to double-check exchange rates from official financial institutions.

The situation continues to unfold, and many are keeping a close eye on how it might affect Indonesia's broader economic outlook in the weeks to come.