OJK Chief Speaks Out Amid 'Sell Off' Indonesia Furore
The Financial Services Authority (OJK) has spoken out regarding the ‘sell Indonesia’ calls from foreign investors that recently caused a stir in the market and on social media. Chairperson of the OJK Board of Commissioners, Friderica Widyasari Dewi, stressed that Indonesia’s economic fundamentals are sound.
Therefore, the woman familiarly known as Kiki appealed to the public not to swallow such circulating calls uncritically. ‘Look, friends, we ourselves live in Indonesia, we also see how Indonesia fundamentally is actually, we see it as good, and other things as well. So, in my opinion, if there are calls like that, don’t swallow them whole,’ Kiki said when met at the Dhanapala Building of the Ministry of Finance, Tuesday (9/6/2026).
She noted that sometimes people follow such circulating calls without rational thought, only for market conditions to reverse. Kiki stated this also applies to stock purchase recommendation calls. ‘So we must be more rational about all calls like that. We care about Indonesia, we love our country. By seeing everything more clearly. So, one way we love our country is by jointly maintaining the current situation and not adding to it with irresponsible rumours,’ she concluded.
Just five months after touching a record high, the Jakarta Composite Index has now plunged as much as 36% and is officially the world’s worst-performing index for the year 2026 among approximately 90 global indices tracked by Bloomberg. The move marks a dramatic turning point for the commodity-rich nation, which had previously been a mandatory allocation in emerging market investment portfolios. What most unnerves capital owners is President Prabowo Subianto’s political agenda, viewed as increasingly populist, along with growing government intervention in a country previously known for being friendly to foreign investors. ‘The big trade in Asia right now is ’sell Indonesia’,’ said George Boubouras, Head of Research at hedge fund K2 Asset Management, as quoted by a Straits Times report. After decades of actively investing in the country, Boubouras decided to withdraw all his investment positions from 2024. ‘I have zero exposure to Indonesia. I won’t give them a chance,’ Boubouras added.