Indonesia plans to boost rupiah conversion of export earnings
Jakarta (ANTARA) - Indonesia plans to revise rules governing natural-resource export proceeds to encourage exporters to convert a larger share of their US dollar earnings into rupiah.
"The proposed changes aim to encourage a higher conversion rate for US dollars received as export proceeds," Finance Minister Suahasil Nazara said at a Financial System Stability Committee (KSSK) news conference in Jakarta on Tuesday.
He said the proposal was part of a broader strategy to strengthen domestic financial markets.
"We want more export proceeds converted into rupiah to bolster the financial sector and domestic markets," Nazara added.
The natural-resource export proceeds policy took effect on June 1, 2026, under Government Regulation Number 21 of 2026.
Under the rules, natural-resource exporters must place their export earnings in designated special accounts at state-owned banks.
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Non-oil-and-gas exporters must retain 100 percent of their proceeds for 12 months. Oil-and-gas exporters must retain at least 30 percent of their proceeds for a minimum of three months.
The rules also cap the conversion of foreign-currency proceeds into rupiah at 50 percent of a company's total natural-resource export earnings.
Trade Minister Budi Santoso also confirmed the government was discussing revisions to the export proceeds policy.
Santoso said discussions were ongoing and that the government would consider proposals from exporters before finalizing any changes.
However, the trade minister said the proposed revisions were unrelated to the operations of PT Danantara Sumberdaya Indonesia (DSI).
"The changes have nothing to do with DSI. Exporters' proposals will be reviewed before a decision is made," Santoso said.
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Translator: I.Silfia, Rahmad Nasution
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