Indonesia Stock Exchange Responds to MSCI Accessibility Review

The Indonesia Stock Exchange (BEI) has responded to the results of the market accessibility review released by Morgan Stanley Capital International (MSCI). BEI Acting President Director Jeffrey Hendrik said that overall, the MSCI review yielded good results. According to Jeffrey, many positive aspects were retained in MSCI’s assessment for the Indonesian market. “As for factors that need improvement, these are already part of the ongoing reform process,” he said when contacted on Friday, June 19, 2026.

In its Global Market Accessibility Review 2026, MSCI used five main criteria to review market accessibility. These criteria are openness to foreign investors, ease of capital inflows and outflows, efficiency of the operational framework, availability of investment instruments, and stability of the institutional framework. On the criterion of operational framework efficiency, MSCI downgraded Indonesia’s score to negative for the information flow aspect.

Within the Emerging Market group, only Indonesia and Turkey experienced a downgrade in their information flow scores. “The Information Flow criterion has been downgraded for both markets, reflecting ongoing concerns regarding free float transparency and proper price formation,” MSCI wrote in the report released on Friday, June 19, 2026.

Additionally, MSCI maintained a negative score for Indonesia’s foreign exchange market liberalisation, which is one aspect of the ease of capital inflows and outflows criterion. “There is no efficient offshore foreign exchange market and there are constraints on the onshore foreign exchange market (e.g., FX transactions must be linked to securities transactions),” MSCI stated.