Indonesian stock exchange CEO Iman Rachman resigned on Friday, following a rout that saw the country’s share market lose $84 billion over the past two days on concerns over a possible downgrade by index provider MSCI.
In a release, the Indonesian Stock Exchange said Rachman had stepped down, taking responsibility for “recent market condition,” without elaborating.
At a press conference Rachman said that “I hope this is the best decision for the capital market. May my resignation lead to improvements in our capital market,” according to Reuters.
“Hopefully, the index, which opened positively this morning, will continue to improve in the coming days,” he added.
MSCI on Tuesday warned of a potential downgrade of the country to “frontier” market status, from emerging market by MSCI, highlighting concerns over trading transparency.
