At the inauguration of Indonesia's first bullion bank here on Wednesday, the President said that starting March 1, 2025, all companies that utilize state assets and receive credit from government banks will have to place their sales and business proceeds in domestic banks.
"This has been done by many countries for quite some time. With this policy, our forex earnings are estimated to increase by US$80 billion in 2025," he added.
According to Prabowo, the policy aims to increase national forex reserves and thereby, support efforts to build economic independence and a safe, just, prosperous, and strong Indonesia.
In addition, he said, the obligation to put forex earnings into domestic banks is expected to strengthen national banking liquidity and thereby, support financing for domestic productive sectors.
The newly established Government Regulation No.8 of 2025, which will take effect from March 1, requires exporters to deposit 100 percent of the forex earned from natural resource exports into domestic banks within 12 months.
During a meeting with the banking sector, secretary of the Coordinating Ministry for Economic Affairs, Susiwijono Moegiarso, said that banking will spearhead the implementation of this regulation.
The implementation will be supervised by the Directorate General of Customs and Excise, Bank Indonesia, and the Financial Services Authority (OJK) using an integrated system. Exporters who fail to comply with the rules will face sanctions in the form of export suspension.
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Translator: Andi Firdaus, Fathur Rochman, Yashinta Difa
Editor: Azis Kurmala
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