Indonesian resources exporters want adjustments on new foreign exchange retention rule

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The story "Indonesian resources exporters want adjustments on new foreign exchange retention rule" was covered 2 hours ago by Channel News Asia, a news publisher based in Singapore.

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Indonesian resources exporters want adjustments on new foreign exchange retention rule - Channel News Asia

Quick Summary:

JAKARTA: Indonesian companies are asking the government to consider adjustments to the new rule to retain all proceeds from natural resource exports onshore for a year, amid concerns it will further hurt their cashflows.

He said the association will ask for a meeting with the energy ministry to discuss the risks which could stem from the policy on their ability to fund operational costs, such as importing equipments and chemicals, which are paid for in US dollars.

Jakarta said the move is needed to shore up US dollar supply in the largest economy in Southeast Asia, helping its efforts to stabilise rupiah, which hit a 6-month low in January.