Today, former head of the Indonesia Investment Coordinating Board (BKPM), Chatib Basri, will be installed as Indonesia's Finance minister after former Finance minister Agus Martowardojo resigned to become Governor at Indonesia's central bank (Bank Indonesia) for the period 2013 to 2018. Basri, who underwent a fit-and-proper test at the State Palace yesterday, has limited time to exercise his influence as a policy maker as President Yudhoyono's United Indonesia Cabinet II will end its term in mid-2014.

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The slowing pace of investments has made the Indonesian government decide to revise down its forecast for economic growth in the second quarter of 2013. Minister of Finance, M. Chatib Basri, believes that GDP growth will not exceed the six percent threshold in Q2-2013. He explained that there are a number of factors that refrain the government from setting a higher growth assumption. These factors include ailing exports, non-optimal government spending, and diminishing gross fixed capital investment.

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Various reasons explain why Indonesia's main stock index (IHSG) managed to reach another record high on Monday (20/05/13) at 5,214.98 points, an 1.35 percent gain. Foreigners were back chasing Indonesian stocks (particularly blue chips), Asian indices were up (led by Hong Kong's Hang Seng Index), the listing of Bank Nationalnobu (NOBU) which gained 14.67 percent on its first trading day, positive European openings, and the positive response towards Indonesia's new Finance minister, Chatib Basri, regarded as an independent policy maker.

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