Purbaya: OJK leadership selection accelerated to respond to market volatility

Jakarta — Finance Minister Purbaya Yudhi Sadewa has stated that the accelerated selection process for OJK leadership candidates is intended to enable the Financial Services Authority to respond more swiftly to market volatility triggered by Middle East conflict, which affects oil prices and overall market conditions.

“The process is accelerated because of the turbulent circumstances. War volatility is affecting the market and influencing oil prices. We need decisive OJK leadership more urgently,” Purbaya said after attending an inauguration ceremony in Jakarta on Tuesday.

Despite the acceleration, Purbaya emphasised that the OJK leadership selection process continues to follow established legal mechanisms. Following the selection phase, candidate names will be submitted to the President before proceeding to parliament for further consideration.

He also stressed that appointing OJK leadership is not straightforward, as it involves multiple stages and approvals from various state institutions.

Mukhamad Misbakhun, Chair of Commission XI of the People’s Consultative Assembly, outlined the criteria for prospective Financial Services Authority Board members who will undergo fitness and propriety assessments.

According to Misbakhun, selected candidates must be able to balance pro-market positioning with regulatory prudence, given that the position holds responsibility for overseeing markets whilst managing risk. “We are selecting a regulator. There are naturally limits to how much market volatility we can absorb. If we are excessively pro-market, who absorbs the risk? A regulator must also consider risk factors,” Misbakhun said during the Road to Investor Relations Forum 2026 at the Indonesia Stock Exchange building.