FX.co ★ Indonesia Appoints New Finance Minister, Replaces Sri Mulyani

On Monday, the Indonesian government made a significant change in its cabinet, replacing Finance Minister Sri Mulyani Indrawati with Purbaya Yudhi Sadewa, who currently serves as Chairman of the Deposit Insurance Corporation. Sri Mulyani, notable for her extensive tenure in the role, has served under three different presidents and earned acclaim for her efforts in overhauling the tax system. Her leadership was pivotal in guiding Indonesia, Southeast Asia's largest economy, through challenging periods, including the COVID-19 pandemic and the global financial crisis. In the interval between her two terms as finance minister, Sri Mulyani brought her expertise to the World Bank as a Managing Director. This reshuffle follows two weeks marked by protests and civil unrest across Indonesia, with demonstrators advocating for a more equitable tax system. The situation escalated during late August, with some protesters looting Sri Mulyani’s residence.