Indonesian President Prabowo Subianto has climbed down on some of his flagship policies that have worried investors amid a market rout that has erased a quarter of value from the country’s stock market.
In a wide-ranging state address to parliament on Friday, Prabowo said the state-owned commodities export agency that he established in May to control exports of critical resources would just monitor transactions instead of making actual trades.
The export commodity agency, if implemented as originally planned, would have overhauled trade in the world’s largest exporter of nickel, thermal coal and palm oil and affected global commodities trading houses.
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