Kurs Pajak vs market rate, 2022 to 2026

From January 2022 to mid-October 2026, the weekly Kurs Pajak for the US dollar differed from the market rate by an average of 0.66% during its effective week. The gap stayed within 1% in 193 of 245 weeks and exceeded 2% in 8. The decree was much closer to the previous week's market: compared with the rate on the Wednesday before it took effect, the average gap was 0.21%.

• 245 weekly decrees for each of USD, EUR and SGD, covering January 2022 to 14 October 2026
• Average difference from the market: USD 0.66%, EUR 0.78%, SGD 0.53%
• The closest match was the market rate a week before the decree took effect
• The widest USD gap was 2.89% in the week from 14 August 2024

Weekly Kurs Pajak compared with the market average, January 2022 to October 2026

How we measure the difference

A weekly decree from the Minister of Finance sets Kurs Pajak, which runs from Wednesday through the following Tuesday. It applies to import duty, VAT, luxury-goods sales tax, export duty and income tax. For every decree since 5 January 2022, we compare the rupiah rate for one US dollar, one euro and one Singapore dollar with the average of our daily market rates during the decree's effective period.

We use the daily reference rate from our history API as the market rate, calculating euro and Singapore dollar rates through the US dollar. To find each gap, we divide the decree rate by the weekly market average and subtract one. A positive result means the tax rate put a higher rupiah value on the currency than the market did that week.

Why the rate trails the market

Each decree reflects the previous week's market. For the US dollar, the average gap is 0.56% compared with the market rate on the decree's first day and 0.47% compared with the day before. Against the market rate on the Wednesday one week earlier, it falls to 0.21%. The euro (0.25%) and Singapore dollar (0.19%) follow the same pattern.

The decree and market rate therefore stay close when markets are quiet. If the rupiah moves quickly, the tax rate follows about a week later, leaving a gap that reflects the direction of that move.

Average gaps using market rates from days before the decree

How the gap changed each year

The average US dollar gap was 0.53% in 2022, 0.76% in 2023, 0.85% in 2024, 0.55% in 2025 and 0.62% in 2026 to mid-October. The euro's widest average gaps were in 2022 (0.96%) and 2025 (0.91%). For the Singapore dollar, the annual average stayed between 0.50% and 0.56%.

Yearly average gaps

When the gaps were widest

The widest US dollar gap occurred in the week from 14 August 2024. The decree rate was 16,061 rupiah and the market average was 15,609.34. The rupiah had strengthened, leaving the decree at the earlier rate, 2.89% higher. Seven weeks later, the direction reversed. From 2 October 2024, the decree rate was 15,156 rupiah, 2.44% below the market average of 15,534.45 as the rupiah weakened.

In January 2023, the decree exceeded the market for two consecutive weeks: by 2.39% from 11 January and 2.52% from 18 January. The euro's widest gap was in the week from 9 April 2025, when the decree rate of 18,047 rupiah was 4.72% below the market average of 18,940.91. The Singapore dollar decree was 2.85% below the market that same week.

The 10 widest US dollar gaps

Comparing the euro and Singapore dollar

The euro decree stayed within 1% of the market in 178 of 245 weeks and differed by more than 2% in 12. The Singapore dollar tracked the market most closely: it was within 1% in 208 weeks and more than 2% away in only 3. For the US dollar, half of all weeks had a gap within 0.55%.

Which side of the market?

Across the full period, the decree fell below the weekly market average more often than it rose above it. The US dollar decree exceeded the market in 96 of 245 weeks, the euro in 110 and the Singapore dollar in 99. The average signed gap ranged from -0.12% to -0.17%.

This pattern is consistent with the rupiah weakening over the period. The US dollar decree increased from 14,255 rupiah on 5 January 2022 to 17,897 on 14 October 2026. While the rupiah is falling, a rate based on the previous week tends to be slightly below the current market.

How rate gaps affect tax calculations

The difference is usually small for an individual transaction. It becomes more relevant after a sharp market move, when converting the same amount at the market rate and at Kurs Pajak can produce a difference of 2% or more. The recent-weeks table compares the latest decrees with the market.

The most recent 8 weeks

Fetch both rates through the API

The official endpoint provides the decree rate that applies to a date, along with its validity period and source document; past dates require a paid plan. The daily history endpoint provides the market rate for the same days, letting you repeat this comparison for any currency listed in the decree.

curl "https://api.exchangerate.dev/v1/official/IDN/tax/rate/USD/IDR?date=2024-08-14" \  -H "Authorization: Bearer YOUR_API_KEY"curl "https://api.exchangerate.dev/v1/range?base=USD&symbols=IDR&start_date=2024-08-14&end_date=2024-08-20" \  -H "Authorization: Bearer YOUR_API_KEY"