Eks Minister called Singapore Intervention Behind MSCI Threats · Global Voices

The former Indonesian Trade Minister, Muhammad Lutfi speaking regarding MSCI opened up the option of lowering Indonesian capital market status from Emerging Market to Standalone Market

He assessed the threat of a status decline due to Singapore's interference. The institution of Singapore's investment, Temasek and Government of Singapore Investment Corporation (GIC), has a huge impact on MSCI.

In fact, he claims to have been informed that Rachel Goh of GIC is pressing MSCI to lower the status of Indonesian capital market. The goal was to trigger a panic in the stock market so foreign investors could buy back shares of Indonesia at a cheap price.

In origin, Lutfi assesses the status of the Standalone Market for which the country implements a capital captal control or restriction. While for Lutfi, this did not happen in Indonesia.

"Did Indonesia apply capital control? Not at all. Then, why is Singapore going through their giant institutions like Temasek and GIC with huge influence in MSCI so insistent on pressing Indonesia? I even got a live feed on the inside, Rachel Goh in GIC being angry and pressing the MSCI to get the Indonesian ratings down," It's being quoted from her personal Instagram, Tuesday (20 / 10 / 2026).

Lutfi suspected the issue of transparency of a number of emitents conglomerated in Indonesia was just the reason behind the threat of the MSCI market status.

The base, Lutfi said, that foreign funds had come out about 80% of the Indonesian market a while ago didn't make stock prices go down in the hopes of foreign investors.

"So, how do we get them back in? They hit MSCI to threaten to lower the Indonesian caste to the Standalone Market, causing mass panic to bring our stock index down. And then they're pouring back the best assets of Indonesia at a discount price,

On the current conditions, he warned the Indonesian people not to be easily provoked by the neighboring country sentiment. He assessed that not only the turmoil in the stock market, but the control over national wealth. This condition says Lufti also happened on issues of land and forest fires caused by Singapore.

"So, for the Indonesian people, don't want us to get fucked up, made minder by the neighboring country. It's about who's in control of Indonesian wealth. We gotta stick together, we gotta be patriotic. We keep our own pride," he said.