Indonesia Minister Urges Dollar Sales for Stronger Rupiah
Finance Minister Purbaya Yudhi Sadewa expects the rupiah to strengthen toward 15,000 per dollar following new regulations on natural resource export earnings. The rules require exporters to keep proceeds in state-owned banks for at least 12 months.
Indonesia Finance Minister Purbaya Yudhi Sadewa urged foreign exchange traders to sell dollars as new export rules take effect. The government aims to strengthen the rupiah to 15,000 per United States dollar. This policy shift forces natural resource exporters to hold earnings in state banks for 12 months to stabilize the local currency.
### New Retention Rules Target Natural Resources The mandate applies to all natural resource exporters except those in the oil and gas sectors. Under these rules, companies must keep their proceeds in state-owned financial institutions for at least one year. Previously, these firms could deposit funds in any bank based within the country.
