Indonesia Ousts Finance Minister Sri Mulyani Amid Unrest

Indonesian President Prabowo Subianto has dismissed long-serving finance minister Sri Mulyani Indrawati, deepening turmoil after violent protests. Purbaya Yudhi Sadewa, head of the Deposit Insurance Corporation since 2020, was sworn in as her replacement on Monday. Indrawati, a former World Bank executive, had led the finance ministry for nearly 14 of the past 20 years under three presidents, earning credit for strengthening Indonesia’s fiscal credibility and achieving investment-grade ratings. News of her ouster dragged the Jakarta Composite Index down 1.3% and weakened the offshore rupiah to 16,516 per dollar. Investors voiced concerns over capital outflows and fiscal uncertainty, with Bank Central Asia and Bank Mandiri shares leading declines.