According to CoinMeta, Indonesia's Jakarta Composite Index plummeted by 11.6% due to the threat of a downgrade by MSCI, resulting in a loss of about $82 billion in market value within two days. At the same time, the exchange rate of the Indonesian rupiah against the US dollar dropped to a historical low of around 18,037 rupiah per dollar. Goldman Sachs warned that if MSCI leads to a downgrade, it could result in a passive outflow of $5.6 billion in funds. Indonesian regulatory authorities have introduced new disclosure rules and imposed fines of 2.1 trillion Indonesian rupiah on three companies. MSCI stated that insufficient transparency and weak market regulations make it difficult for global investors to understand the control structure of listed companies.