10 hours ago
12
March 18, 2025 | 05:43 pm
TEMPO.CO, Jakarta - Indonesia's finance minister Sri Mulyani Indrawati on Tuesday denied rumors of her imminent resignation and said she remained focused on her job and would continue to manage the state budget deficit at 2.53% of GDP this year, amid a plunge in the stock market.
Indonesian stocks fell as much as 7.1% on Tuesday and the rupiah slid to a two-week low against the dollar, pressured by concerns over the government's fiscal strategy and growth prospects a day before a central bank review of monetary policy.
The drop also led to a 30-minute trading halt on breaching the 5% mark, underscoring mounting concerns about President Prabowo Subianto's ambitious spending plans.
The drop also follows rumors of the resignation of Sri Mulyani Indrawati, which she dismissed on Tuesday.
"We are here, we are responsible," she told a press conference. "I will not step down."
The stock plunge is due to investor concerns over the share movement of Indonesia's state-owned companies, she said, adding investor trust remains strong and that improving tax revenues should calm the market.
Previously, Indonesia's chief economic minister Airlangga Hartarto said on Tuesday the country's economic fundamentals are strong and volatility in the stock market is common.
Jakarta shares hit 6,011.842 points, its lowest since September 2021, before paring losses to trade down 4% by 0646 GMT. It closed down 3.84% on Tuesday.
The benchmark confirmed bear market territory on February 28 after falling more than 20% from its September 19 peak.
REUTERS
Editor's Choice: IDX: Many Factors Contribute to Indonesian Stock Market Plunge
Click here to get the latest news updates from Tempo on Google News
Government Seeks to Soothe Market Turmoil as IHSG Plummets
29 menit lalu
Finance Minister Sri Mulyani presents the positive growth of the state budget. She is trying to calm the panicked market due to the plunging IHSG.
Coordinating Minister Airlangga Hartarto Denies Resignation Talks
55 menit lalu
Airlangga Hartarto denies rumors that he and Sri Mulyani are going to resign.
IDX: Many Factors Contribute to Indonesian Stock Market Plunge
1 jam lalu
IDX chair did not deny that domestic factors also played a role in the significant decrease in the stocks.
Indonesia to Raise Palm Oil Export Levy to 4.5% to 10%, Official Says
2 jam lalu
Indonesia raised the mandatory amount of palm oil in its biodiesel mix to 40% this year from 35%.
Indonesia to Question More than 500 Citizens Freed from Myanmar Scam Centers
2 jam lalu
Myanmar's Myawaddy scam centers are part of a Southeast Asia network involving criminal gangs trafficking hundreds of thousands of people.
IDX Temporarily Halts Trading as IHSG Plummets 5 Percent
4 jam lalu
A temporary trading halt has occurred at the Indonesia Stock Exchange (IDX) at 11:19:31 JATS, triggered by a 5 percent decline in the IHSG.
IHSG Plummets as All Sectoral Indices Weaken in First Trading Session
4 jam lalu
Aside from technology stocks, IHSG also faced pressure from the decline of several other stocks, including big cap duo Prajogo Pangestu's BREN and TPIA
Gov't Promises Aid for 400 Scam Victims Arriving in Indonesia from Myanmar
5 jam lalu
The government will provide medical, including psychological, services to aid in the recovery of these online scam victims.
Government to Lift Ban on Sending Indonesian Workers to Saudi Arabia
6 jam lalu
The moratorium on sending Indonesian workers to Saudi Arabia was previously imposed since 2015.
400 Indonesian Victims of Online Scam Exploitation Rescued from Myanmar
8 jam lalu
The 400 Indonesian nationals who fell victim to online scam exploitation consist of 313 men and 87 women. All of them are in good health.
