Policy changes are once again taking place in the management of Export Proceeds Foreign Exchange in Indonesia. The government has confirmed that starting January 1, 2026, new provisions will come into force through a revision of Government Regulation Number 8 of 2025 on Export Proceeds from Natural Resources. This move marks a shift in the government’s approach to safeguarding national foreign exchange resilience, after previous policies were deemed to have fallen short of delivering optimal results.
This revision goes beyond a technical adjustment. The government has chosen a firmer route by requiring all export proceeds in foreign currency to be placed in special accounts at state-owned banks under the Himpunan Bank Milik Negara.
The policy is also accompanied by relaxed rules on foreign exchange conversion into rupiah and expanded use of foreign currency by exporters, making the balance between state control and business flexibility a central issue now under discussion.
Changes in the Placement of Export Proceeds and the Direction of Government Policy
The revision to Government Regulation Number 8 of 2025 stipulates that starting January 2026, 100 percent of export proceeds must be transferred to special accounts at banks belonging to the Himpunan Bank Milik Negara. This provision narrows exporters’ options, as export proceeds were previously allowed to be placed at the Indonesia Eximbank or commercial foreign exchange banks.
“Funds amounting to 100% must be transferred to special Himbara accounts,” as quoted in an official government document. The revision to Article 6 also emphasizes that the Indonesia Eximbank is no longer permitted as a channel for the receipt or placement of export proceeds from natural resources.
A closer look shows that this policy reflects a serious government evaluation of the effectiveness of foreign exchange management to date. Although the requirement to place export proceeds domestically has been in effect since March 2025, its implementation has been considered insufficient to significantly boost foreign exchange reserves.
By centralizing export proceeds within state-owned banks, the government appears intent on ensuring that foreign currency liquidity truly remains within the national financial system and is easier to manage.
From a policy perspective, this move may raise concerns about liquidity centralization.
However, it also signals the government’s determination to ensure that export proceeds do not merely exist as administrative records, but deliver tangible benefits to macroeconomic stability.
Adjustments to Export Proceeds Conversion and Corporate Flexibility
In addition to changes in placement, the government has adjusted the rules on converting export proceeds into rupiah. Previously, conversion was required up to 100 percent. The new cap lowers this requirement to a maximum of 50 percent. This means exporters now have greater room to retain foreign currency domestically without immediate conversion into rupiah.
The Director General of Economic and Fiscal Strategy, Febrio Kacaribu, explained that the policy aims to increase domestic foreign exchange liquidity. “We lowered it to 50% so that more foreign currency liquidity from export proceeds circulates within Indonesia,” he said. However, the obligation to place export proceeds remains at 100 percent, with a minimum retention period of 12 months.
At this point, a policy compromise becomes clear. The government is tightening control over placement while simultaneously easing utilization. The permitted use of foreign currency has now been expanded, no longer limited to the procurement of goods unavailable domestically or specific working capital needs.
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From a business perspective, this adjustment can be seen as an effort to maintain exporters’ competitiveness. Flexibility in foreign currency usage provides breathing room, especially for companies with global supply chains. Yet a strong message remains that export proceeds must contribute more meaningfully to the national economy, rather than simply being parked temporarily before flowing back overseas.
The Effectiveness of Export Proceeds Policy on National Foreign Exchange Resilience
Finance Minister Purbaya Yudhi Sadewa emphasized that revising the regulation was necessary because the previous policy had not met its primary objectives. He stated that the government needed a more effective approach to ensure foreign exchange management truly strengthens economic resilience.
“The previous policy proved unable to deliver a significant impact on Indonesia’s foreign exchange resilience,” he said.
This statement aligns with the reality that Government Regulation Number 8 of 2025, signed by President Prabowo, mandated the storage of 100 percent of export proceeds for one year, with a target of adding between US$80 billion and US$100 billion in foreign exchange reserves. In practice, however, that target has not been fully achieved.
This is where the policy revision becomes relevant. Rather than simply adding new obligations, the government is restructuring the flow of foreign exchange to make it more effective and better integrated into the national financial system. Placement at state-owned banks, expanded options to invest in domestic foreign currency government securities, and revised rupiah conversion rules all indicate a clear intention to keep export proceeds circulating within Indonesia.
From an analytical standpoint, the success of this policy will depend not only on regulation but also on exporters’ administrative readiness. Without sound financial management and compliance, even the strictest rules will face challenges at the implementation level.
The Role of Bizindo
Changes to export proceeds policy demand stronger preparedness from exporters. Adjusting to special accounts, managing foreign currency, complying with retention periods, and optimizing the use of foreign currency government securities all require a clear understanding of regulations and precise administrative management.
This is where professional assistance becomes essential. Bizindo is here to help companies navigate regulatory changes like these. Services range from compliance consultation and foreign exchange administration management to company establishment and restructuring, accounting and tax services, and advisory support for international transactions and banking matters.
If your company wants to ensure compliance with export proceeds regulations without disrupting business operations, Bizindo is ready to serve as a strategic partner. With the right guidance, policy changes no longer become obstacles, but opportunities to build stronger and more sustainable business governance amid Indonesia’s evolving economic landscape.
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