Nearly one year after inauguration, Indonesian President Joko Widodo reshuffled his cabinet on Wednesday (12/08) due to the perceived disappointing performance of several ministers as Indonesia’s economy has continued to slow in 2015. Widodo installed six new ministers in a ceremony at the State Palace in Jakarta. The reshuffle aims to boost investors’ confidence in Indonesian assets. Today, the rupiah and Indonesian stocks are weakening severely due to China’s decision to devalue its yuan.
- Luhut Binsar Pandjaitan replaces Tedjo Edhy Purdijatno as Political, Legal and Security Affairs Minister
- Darmin Nasution (a former Bank Indonesia Governor) replaces Sofyan Djalil as Chief Economics Minister
- Rizal Ramli (a former Chief Economics Minister) replaces Indroyono Soesilo as Maritime Affairs Minister
- Thomas Trikasih Lembong (a former investment banker and chief executive of Singapore-based Quvat capital) replaces Rachmat Gobel as Trade Minister
- Sofyan Djalil replaces Andrinof Chaniago as National Development Planning Minister
- Pramono Anung replaces Andi Widjajanto as Cabinet Secretary