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2026-02-16 11:26:11
[Stock Market Crash Enrages President, Indonesian Regulators Undergo Overnight Reshuffle] In late January, the Indonesian stock market crashed, infuriating President Prabowo Subianto. Several key cabinet ministers met with Prabowo at his rural residence in Bogor, about an hour's drive from Jakarta. According to sources, the meeting quickly devolved into a blame game. Prabowo questioned local tycoons and their companies about their responsibility, and whether foreigners were trying to destabilize him and Indonesia. The ministers told him this was not the case, and instead pointed the finger at officials of the financial regulator and the stock exchange, accusing them of failing to address MSCI's concerns regarding investment opportunities and market transparency. Sources indicated that Prabowo's immediate response was: fire them all. Subsequently, the heads of the Indonesian Financial Services Authority and the Indonesian Stock Exchange resigned following the uproar.
