Finance Minister Purbaya Cites Market Turbulence as Reason for Accelerated OJK Leadership Selection
JAKARTA — Finance Minister Purbaya Yudhi Sadewa has revealed that the selection process for members of the Financial Services Authority (OJK) Board of Commissioners is now proceeding directly to the fitness and propriety test stage in Parliament.
The streamlining of various selection processes, as established by the OJK Board Selection Panel in Announcement Number PENG-2/PANSEL-DKOJK/2026, has been implemented not because presidential and parliamentary candidates have already been chosen, but rather in consideration of current financial market conditions.
The measure has been taken due to global market volatility resulting from the ongoing Middle Eastern conflict. According to Purbaya, market instability means Indonesia requires definitive leadership at the OJK within a shorter timeframe to maintain financial sector stability.
Previously, Commission XI of Parliament scheduled fitness and propriety tests for ten candidates for the OJK Board of Commissioners on Wednesday, 11 March 2026. Commission XI Chair Misbakhun stated that this process followed a presidential letter transmitted to Parliament.
“The President’s letter to Parliament, containing ten names to fill five positions on the OJK Board of Commissioners, has already been received by Parliament leadership,” said Misbakhun at the Parliamentary Complex on Tuesday, 10 March 2026.
He explained that the five positions to be filled through this process comprise Chair, Vice Chair, Head of Capital Market Supervision, Head of Digital Asset Supervision, and Head of Consumer Protection Supervision.
According to him, the entire fitness and propriety test for all ten candidates was scheduled to occur in a single day, from morning until evening. “Tomorrow the fitness and propriety test will be conducted for all ten participants, from morning to evening,” he said.
The ten names submitted by the government include Frederika Widya Sari Dewi, Agus Sugiarto, Hernawan Bekti Sasongko, Ari Zulfikar, Hasan Fauzi, Darmansyah, Diki Kartiko Yono, Danu Febrianto, Adi Budiharto, and Anton Daryono.
After the fitness and propriety test concludes, Commission XI plans to make its decision on the same day.