The Finance Minister Resign

Indonesian Finance Minister Sri Mulyani Indrawati quit on Wednesday to take a top job at the World Bank after months spent battling politicians bent on her ouster, sending share prices plummeting.

The surprise move was seen as a blow to economic reform in Southeast Asia's biggest economy and triggered a sell-off on the Jakarta stock market as analysts looked for a credible replacement for the respected technocrat.

“The news is correct. I'm still waiting for the approval of the president. For the time being, I will continue to carry out my duties at the finance ministry during this transition week,” Indrawati, 47, told reporters.

Indonesia's share market closed 3.81 percent lower after Indrawati, once described as the most powerful woman in Asia, confirmed her resignation from the cabinet of President Susilo Bambang Yudhoyono.

“This is a shock to the index,” Bhakti Securities analyst Reza Nugraha said.

“Investors have yet to see anyone credible to replace Sri Mulyani so they feel anxious. Shares will continue to fall for a while until investors know who will replace her.”

Yudhoyono praised Indrawati and said her new role as World Bank managing director was “strategic, important and honorable”