The government enacted the Government Regulation No 36/2023 on foreign reserves originating from exports (Devisa Hasil Export – DHE), effective from 1 August 2023. The new regulation requires natural resources exporters in the mining, plantation, forestry, and fisheries sectors to deposit their foreign exchange domestically, of which a minimum of 30 percent must stay in the domestic financial system at least for three months. Bank Indonesia (BI) asserted that the policy will help Indonesia to increase its foreign exchange reserves, and therefore help stabilise the rupiah and bolster macroeconomic stability. The regulation only applies to exports with a value of more than USD 250,000 (EUR 227,000). The government estimates that the policy will improve domestic foreign exchange liquidity and add the foreign exchange reserve by EUR 8.3 billion every month. Bank Indonesia’s Governor Perry Wardjiyo assured that the policy would not affect the company’s cash flow. The deposits will receive competitive interest rates and the income derives from it is subjected to income tax reduction. Subsequently, the deposits can be used as collateral to obtain a credit facility at a bank. (ICE GIACARTA)

Fonte notizia: EEAS Jakarta - 4 August 2023