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SBY Annoyed With IDX’s Week-Long Idul Fitri Break
September 14, 2010

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Roland
11:53am Sep 15, 2010

So TV is not just entertnment and advertisement, no - even our President learns from it (as stated). I wonder, does he actually have any advisors or is he one of this people whose working desk is always sparkling empty? At least the newly implemented high-tech situation room pays off....

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Jakarta. President Susilo Bambang Yudhoyono on Tuesday expressed his displeasure over the lengthy closure of the Indonesia Stock Exchange over the Idul Fitri holidays.

In a cabinet meeting at his office, Yudhoyono said that despite the importance of Idul Fitri — a time when many Indonesians leave the cities to visit their families — it was important to keep the country’s economy on track.

The exchange, known as the IDX, was closed last Wednesday, and only reopened this Wednesday morning. The IDX is normally closed on weekends.

“I had to learn from the TV that we are yet to open the stock market,” Yudhoyono said during the meeting, venting his annoyance at the lack of communication between his office and the IDX.

The president criticized the long closure, comparing the five-business day break to other countries that he claimed close their stock markets for two days at the most during holidays.

He added that the extended break could send a message that Indonesia, currently enjoying a high rate of growth, was still not serious about competing in the global economy.

Yudhoyono added that public service employees deserved vacations, but that the state still had a duty to provide services year-round.

Finance Minister Agus Martowardojo said after the meeting that the closure of the stock exchange was in accordance with a schedule that had been prepared at the beginning of the year.

Agus said that in light of the president’s reprimand, future stock exchange closures would be reviewed carefully to ensure that other holidays would not hamper economic activity.

He also said that communication concerning IDX closures needed improvement to avoid confusion.

“If an exchange closes for a holiday, all capital market participants including brokers and investors should know.” 


JG