Indonesia Finance Minister tells forex players to dump dollars ahead of new export rules, CNBC Indonesia reports
Indonesia's Finance Minister Purbaya Yudhi Sadewa gestures as he speaks during an interview with Reuters in Jakarta, Indonesia, March 3, 2026. REUTERS/Willy Kurniawan
JAKARTA, May 22 : Indonesia's finance minister told foreign exchange traders to dump their dollars on Friday, news outlet CNBC Indonesia reported, with the rupiah exchange rate set to improve to 15,000 per dollar thanks to new rules forcing natural resource exporters to keep earnings in state banks.
The details are as follows:
• In a seminar, Minister Purbaya Yudhi Sadewa said: "I told forex players to quickly dump their dollars. We will push the rupiah to 15,000 per US dollar."
• The currency will gain strength because of the new retention rules for export earnings, Purbaya said as quoted by CNBC Indonesia.
• Indonesia's rupiah slid in early trade on Friday to 17,700 per dollar.
• The new rules stipulate that exporters of all natural resources, apart from oil and gas, must keep their earnings in state-owned banks for at least 12 months. They previously were allowed to keep their funds in any Indonesia-based bank.
• Under the new regulation, a maximum of only 50 per cent of the proceeds can be spent on business operations if they are converted into rupiah.
• Previously, exporters were allowed to use all of their funds when converted into rupiah.
