Purpose: Monetary policy is one of the efforts made to control the economic situation so that it can run as desired. And the central bank is the authority that can regulate these policies. The conventional economic system has a different view of monetary policy than the Islamic one. The Islamic monetary system is a sub-system of the Islamic economic system with goals to achieve in Islamic monetary, including realizing justice and benefit. And both have instruments that can control a country's economy. Among them is the open market operation, one of the tools used to stabilize the economy by selling securities.

Methods: This research was conducted using cross-sectional analysis and panel data and estimating and forecasting time series data using reviews.

Conclusion: Conventional and sharia open market operations substantially impact exchange rate stability.