Indonesia president signs regulation on keeping export proceeds onshore

JAKARTA (Reuters) - Indonesian President Prabowo Subianto on Monday said he has signed a regulation that will require exporters of resources other than oil and gas to keep all proceeds onshore for at least a year, effective from March 1.

Oil and gas exporters will be required to comply with existing rules on export proceeds that have been in place since 2023, he told a press conference.

The new measure is expected to add $80 billion to Indonesia's foreign exchange reserves this year, the president said.

Exporters will be allowed to use the proceeds if they are converted into rupiah, or for business operations such as dividend payments, procurement of raw materials or repayment of loans, Prabowo said.

(Reporting by Ananda Teresia, Gayatri Suroyo, Fransiska Nangoy; Editing by Martin Petty)

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