Indonesia's State Banks Prepare for Centralized Export Proceeds Policy

Government Mandates Himbara for Export Proceeds Placement

The Indonesian government is set to implement a new policy requiring exporters of natural resources to place their foreign exchange proceeds into state-owned banks under Himpunan Bank Milik Negara (Himbara). This move, effective January 1, 2026, aims to strengthen foreign exchange supervision and prevent capital leakage. The policy represents a significant shift from previous regulations that allowed exporters to choose any domestic bank for their foreign exchange proceeds.

Bank Responses to New Regulation

BTN's Preparedness

BTN's CEO, Nixon LP Napitupulu, confirmed that the bank is ready to implement the new regulation. "We are prepared to provide all necessary facilities, including financing, according to the new provisions," Napitupulu stated. BTN is currently identifying potential clients who can place their export proceeds with the bank.

BRI's Perspective

Hery Gunardi, CEO of BRI, acknowledged that the policy was discussed at Perbanas, the banking association. While expressing understanding of the government's objectives, Gunardi noted that there were suggestions to review the plan's potential impact on non-Himbara banks. As the current chairman of Perbanas, Hery emphasized that the association will facilitate discussions with regulators, including OJK and BI, to address industry concerns.

Rationale Behind Policy Change

The new regulation is a revision of Government Regulation No. 8/2025 concerning Foreign Exchange Proceeds from Natural Resources. Finance Minister Purbaya Yudhi explained that the previous system was ineffective as some exporters placed their dollar proceeds in smaller banks, which then converted them to rupiah before reconverting to dollars and sending them abroad. The centralized approach through Himbara is expected to improve monitoring and control of foreign exchange flows.

Implications for Banking Sector

The policy change is likely to have significant implications for both state-owned and private banks in Indonesia. While Himbara banks will potentially gain more liquidity, non-Himbara banks may face challenges in attracting foreign exchange deposits. The banking industry is expected to adapt to these changes through various strategies, including potential restructuring of their foreign exchange management practices.