JAKARTA: Indonesia’s finance minister said the government aims to “persuade” exporters to keep earnings onshore and convert them into rupiah, rather than make this mandatory, amid confusion over a plan floated this week to support the ailing currency. On Tuesday, Trade Minister Enggartiasto Lukita had said authorities would make it mandatory for exporters of commodities […]
Read MoreThe Energy and Mineral Resources Ministry expects to name the operators of seven oil and gas blocks, including four onstream blocks, in November. The four onstream blocks are South Jambi B, Selat Panjang, Makassar Strait and West Kampar, while the three exploration blocks are Banyumas, Andika Bumi Kita and Southeast Mahakam. “We have decided to […]
Read MoreTrade Minister Enggartiasto Lukita has announced that the government will tighten import restrictions on a number of goods, namely alcoholic beverages, tires, iron, steel, textiles and textile products. He said the imported goods would have to enter the country through bonded logistic centers (PLBs) in an attempt to prevent smuggling. “These commodities must pass through PLBs […]
Read MoreJAKARTA: Indonesia has laid out new rules for commodities exporters to guarantee funding for shipments through Indonesian banks or branches of foreign banks in the country, the trade minister said on Tuesday, part of a bid to prop up the ailing rupiah. The Indonesian currency <IDR=> has fallen about 9 percent versus the dollar this year, caught up in broader selling of emerging […]
Read MoreThe increase of the global crude oil price has changed Indonesia’s outlook for revenue and subsidies, estimated to grow 50 percent to Rp 240 trillion (US$16 billion) and Rp 148 trillion, respectively by the end of this year. The government set its Indonesian Crude Price (ICP) for August at $69.36 per barrel, while the global oil price reached $78 per barrel for […]
Read MoreThe Energy and Mineral Resources Ministry has blamed accelerating economic activity for an increase in energy imports, the largest contributor to the country’s trade deficit in August. Statistics Indonesia announced on Monday that the country’s trade deficit had risen to US$1.02 billion in August, mostly as a result of oil and gas imports, which had […]
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