Jakarta, Jan. 31 -- Indonesia's Institute for Development of Economics and Finance (Indef) has urged a transparent, merit-based process to appoint new Financial Services Authority (OJK) officials, stressing independence and credibility as key to restoring market confidence.

M. Rizal Taufikurahman, head of Indef's Macroeconomics and Finance Center, said replacement officials must demonstrate technocratic capacity and a comprehensive understanding of financial system risks to ease current capital market sentiment.

"From the market's perspective, what matters most is not the name, but a transparent and merit-based selection process," Taufikurahman told ANTARA on Saturday.

He added that future appointees should have strong professional tra...