中文
The Indonesian government has introduced new regulations on the management of export proceeds from natural resources concessions, local media Bisnis reported.
According to the regulation, exporters are now required to retain a minimum of 30% of their export proceeds in the country for a period of at least three months. Failure to comply with this requirement will result in administrative sanctions, including the suspension of export services.
The imposition of administrative sanctions, such as the suspension of export services, will be carried out in accordance with customs laws and regulations.
The sanctions will apply if exporters fail to establish or transfer funds to an escrow account. Exporters are mandated to open an escrow account with the Indonesian Export Financing Agency (LPEI) or banks operating in foreign currency. If an escrow account has already been established overseas prior to the regulation's enforcement, exporters must transfer the account domestically within 90 days.
These regulations pertain to export values exceeding $250,000 or its equivalent. For exports valued below this threshold, exporters have the option to voluntarily place a portion of the export proceeds in a designated local currency account.
The implementation and oversight of these regulations will be carried out by Bank Indonesia, which will supervise the entry and retention of export proceeds within the Indonesian financial system. Additionally, the Financial Services Authority will oversee the escrow accounts held at LPEI and banks conducting foreign exchange activities.
Effective from August 1, 2023, these new measures will apply to the mining, plantation, forestry, and fisheries sectors. The government's aim is to promote the retention of export proceeds in the local currency, supporting Indonesia's economic stability and strengthening the domestic financial system.
(Writing by Alex Guo Editing by Emma Yang)
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