Indonesia Financial Regulator Chief Resigns After US$ 80 Billion Market Rout

FINANCIAL SERVICE AGENCY/FSA - JAKARTA. The chief of Indonesia's financial regulator and other officials of the body resigned on Friday in order to take "responsibility" for a massive market selloff this week, a statement from the financial regulator said, a day after an US$ 80 billion market sell-off.

Earlier in the day, the chief of the IDX stock exchange also resigned after the market rout that began on Wednesday after a warning from index provider MSCI of a possible downgrade because of issues of transparency at the exchange.

The statement said Mahendra Siregar, the chief of the Financial Services Regulator - also known as OJK - resigned along with other officials, including the chief executive of capital markets as a "moral responsibility" to support the necessary recovery steps.

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The OJK said that the resignations would not affect the implementation of the regulator's duties. 

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