J. Soedradjad Djiwandono

Soedradjad Djiwandono held a wide range of economic positions, both outside of and within government, before becoming Governor of Bank Indonesia in 1993. His main positions included the following:

• Professor at the S. Rajaratnam School of International Studies, a Graduate School of Nanyang Technological University, Singapore
• Researcher, Institute of Economics and Social Research, Indonesian Institute of Sciences (LIPI)
• Lecturer, and later Professor, Department of Economics, University of Indonesia
• Bureau Head, National Development Planning Agency (Bappenas)
• Special Assistant to the Minister of Trade
• Assistant Minister, Coordinating Ministry of Economics, Trade and Industry
• Junior Minister for Trade

The Asian financial crisis began to affect Indonesia by mid-1997. On 14 August, Bank Indonesia followed Thailand and Malaysia and moved to float the Indonesian rupiah.[3] Under Djiwandono, the bank's "market-oriented response" to the crisis was praised by investors. However, it was also criticized for allowing Indonesia's banking system to grow too fast with 239 banks in establishment by September 1997.[4] Of these banks, 16 were liquidated in November. Djiwandono later defended the decision not to close more banks citing concerns that "had more banks been liquidated, a total collapse [of the banking sector] may have resulted".[5]

He was dismissed from office by Suharto's 11 February 1998 presidential decree but was not officially informed of the decision until six days later.[6] Although no reason was given, economists believed Djiwandono's opposition to a new fixed exchange rate system for the rupiah contributed to the decision for his dismissal.[7] The decision drew criticism from the International Monetary Fund and United States President Bill Clinton and placed a US$43 billion aid package at risk of being reversed.[8] He was succeeded by Syahril Sabirin in a transfer ceremony on 19 February.[9]

On 7 May 2002, Djiwandono was named a suspect in the investigation of former Bank Indonesia governors. He was charged with abuse of authority by extending Rp19 trillion (US$2.1 billion) in loans to failing banks between 1996 and 1998.[10] Several years earlier, Djiwandono had defended the central bank's policies from allegations by three former finance ministers that it misunderstood the government's policies and improperly used the liquidity assistance program during the financial crisis.[11] He remained free while various investigations of the approach of former Bank Indonesia governors was undertaken.[12]

Djiwandono continues to contribute to public policy debate, especially in Indonesia, by writing articles including op-ed pieces about current economic issues, particularly about matters involving monetary policy.[13]

Soedradjad, a Catholic,[14] is married to Bianti, daughter of Sumitro Djojohadikusumo, one of Indonesia's most well-known economists and policy-makers. He is thus connected by marriage to two of Sumitro's sons: Prabowo Subianto, who ran for the presidency of Indonesia in 2014 and is running in 2019, and Hashim Djojohadikusumo, a prominent business figure in Indonesia. Soedradjad and Bianti have two sons: Thomas Acquinas Muliatna Djiwandono (born 7 May 1972) and G. Budisatrio Djiwandono (born 25 September 1981).

He had at least one brother, J. Soedjati Djiwandono. Also a Catholic, he died in 2013.

• Djiwandono, J. Soedradjad. (2000). Bank Indonesia and the Recent Crisis. Bulletin of Indonesian Economic Studies, 36(1). pp. 47–72.
• Djiwandono, J. Soedradjad (2005). Bank Indonesia and the Crisis: An Insider's View. Singapore: Institute of Southeast Asian Studies. ISBN 978-981-230-308-0.