The head of Indonesia’s stock exchange has reigned after two days of market turmoil sparked by warnings from index compiler MSCI of a possible downgrade.
Iman Rachman, president-director of the Indonesia Stock Exchange, will step down “as form of accountability over the condition of the Indonesian capital market in the past few days”, the exchange said on Friday.
Rachman told a media briefing he hoped the stock market would “improve” after his resignation. He added that an acting head would be appointed but did not name his replacement.
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