JAKARTA, January 25 (Reuters) – Indonesia plans to introduce a requirement for exporters to keep foreign exchange earnings in the local banking sector for three months, a senior government official was quoted by media as saying on Wednesday.
The government was discussing the plan with the central bank and a review of current export revenue requirements was nearing completion, Airlangga Hartarto, the chief economy minister, was quoted by mainstream media as saying.
His department’s spokesperson did not immediately respond to a request for comment.
He said earlier this month Indonesia was considering revising a 2019 regulation that required natural resource exporters to hold their revenues in a special account in national banks, including the possibility of setting a minimum holding period. He also said it could be expanded to cover exporters in the manufacturing sector.
Indonesia is the world’s largest exporter of thermal coal and palm oil. It is also a major exporter of nickel, tin, copper, and rubber, among other commodities.
Separately, Bank Indonesia (BI) aims to launch a new FX instrument for banks next month.
Banks will be allowed to transfer exporters’ deposits to the central bank and BI will pay a premium interest rate for the US dollar to encourage exporters to keep their earnings ashore longer, policy officials said. monetary.
(Reporting by Gayatri Suroyo and Stefanno Sulaiman; Editing by Martin Petty)
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.