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The Indonesian Ministry of Trade stipulates that the export of major commodities must be settled by L/C

The Indonesian Ministry of Trade stipulates that the export of major commodities must be settled by L/C

(Summary description)Indonesia's trade ministry has decreed that exports of coal, palm oil, oil, gas and minerals must be processed using letters of credit, the Jakarta Post reported on January 16. These four categories accounted for 41 percent of total exports from 2009 to 2013, averaging about $71.04 billion annually. In accordance with this provision, the price of the credit will reflect the actual export transaction price.

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Indonesia's trade ministry has decreed that exports of coal, palm oil, oil, gas and minerals must be processed using letters of credit, the Jakarta Post reported on January 16. These four categories accounted for 41 percent of total exports from 2009 to 2013, averaging about $71.04 billion annually. In accordance with this provision, the price of the credit will reflect the actual export transaction price.

 

Indonesia, one of the world's leading exporters of commodities such as palm oil and coal, is facing a slump in foreign demand amid the global economic downturn. The government aims to increase non-oil and gas exports to $192.9 billion in 2015 from $153.5 billion last year. Moreover, the rupiah has been falling against the dollar, and more foreign exchange earnings could prevent further depreciation. In fact, as early as 2009, the Indonesian government had required the use of letters of credit in international trade to increase foreign exchange reserves, but the implementation was stopped a year later.

 

Indonesian finance ministry officials said the mandatory letter of credit policy could be coordinated with central bank policies to better manage foreign exchange flows. In 2011, the Bank of Indonesia required exporters to deposit US dollars in local banks within 90 days of receiving them to support the exchange rate of the rupiah. However, according to the statistics of the Bank Indonesia, at least 20% of the foreign exchange income was not declared to the central bank and deposited in foreign banks. The introduction of L/C policy can encourage exporters to comply with the relevant central bank regulations.

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