Singapore Accused of Benefiting from Indonesian Asset Sell-off Amid Online 'Sell Indonesia' Narrative

Politics and finance collide as some social media users claim Singapore stands to gain from negative sentiment towards Indonesia

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Published: 8:02pm, 18 Jun 2026

A sharp sell-off in Indonesian assets has taken on a political tone online, with some social media users alleging, without evidence, that Singapore stands to gain from a “Sell Indonesia” narrative around Southeast Asia’s biggest economy.

The rupiah has slipped to multiple record lows and weakened about 8 per cent this year, crossing a key level and trading above 18,000 to the US dollar last week, while Jakarta’s stock market has lost about a third of its value since the start of the year.

As economists flag fiscal concerns and investors pull billions of dollars out of the country, “Sell Indonesia” has become shorthand among some commentators for reducing exposure to Indonesian assets, appearing in market commentary and social media posts.

That prompted a counter-hashtag, #SellSingapore, on Indonesian social media, with users accusing the city state of benefiting from negative sentiment towards Indonesia.

The hashtag has also appeared in comments under social media posts by Singapore Prime Minister Lawrence Wong and government agencies including the police force.

The backlash has also been picked up by political figures, including Jansen Sitindaon, deputy secretary general of Indonesia’s Democratic Party, who framed it as a nationalist response by Indonesian netizens.