September 8, 2025 | 06:40 pm
TEMPO.CO, Jakarta - Indonesian President Prabowo Subianto has inaugurated Purbaya Yudhi Sadewa as the new Finance Minister, replacing Sri Mulyani Indrawati. Following the cabinet reshuffle, IDX Composite (IHSG) closed lower in today's trading, Monday, September 8, 2025. In a press release at the Ministry of Finance, Purbaya responded to the situation.
"Maybe the market doesn't know that I'm a participant myself," said Purbaya during a press briefing at the Ministry of Finance office in Jakarta on Monday, September 8, 2025. According to him, he has been involved with the market since the year 2000, adding that he's backed by a strong team at the Ministry of Finance.
Purbaya also maintained that he's experienced in fiscal maangement, as the former chair of the Board of Commissioners of the Indonesia Deposit Insurance Corporation (LPS) was part of the then President Susilo Bambang Yudhoyono's think tank in 2008.
He also assisted former President Joko Widodo's government as a staff member in the Presidential Staff Office in 2015. "I have always provided fiscal input to the government. Unpaid, behind the scenes," said Purbaya.
IHSG Plunges After Cabinet Reshuffle
At the close of trading on Monday, September 8, 2025, the IHSG dropped 100.49 points, or 1.28 percent, to 7,766. Based on RTI data, there were 232 gainers, 451 losers, and 121 unchanged stocks. The transaction value reached Rp19.45 trillion with a trading volume of 35.82 billion shares from more than 2.19 million transactions.
The IDX Composite opened stronger at 7,929.06 today, but selling pressure grew by 3:30 p.m. local time, right after State Secretary Minister Prasetyo Hadi announced the cabinet reshuffle at the State Palace.
President Prabowo replaced five ministers, including one coordinating minister. Those replaced are the Coordinating Minister for Political and Security Affairs Budi Gunawan, Minister of Cooperatives Budi Arie, Minister of Youth and Sports Dito Ariotedjo, Finance Minister Sri Mulyani, and Minister of Indonesian Migrant Workers Protection Abdul Kadir Karding.
Nandito Putra contributed to the writing of this article.
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