More Indonesian exporters may need to keep their dollars at home

Indonesia's Minister for Economic Affairs Airlangga Hartarto attends the 29th APEC Economic Leaders’ Meeting (AELM) during the Asia-Pacific Economic Cooperation (APEC) summit in Bangkok on November 19, 2022. (Photo by Jack TAYLOR/ POOL/ AFP)

JAKARTA (Bloomberg): Indonesia plans to toughen rules requiring exporters to repatriate their dollar earnings back home in order to boost the nation’s supply of foreign exchange and support the rupiah.

The government will add manufacturing and several others to the list of industries that must temporarily keep their foreign exchange proceeds onshore, Coordinating Minister of Economic Affairs Airlangga Hartarto said in a briefing on Wednesday (Jan 11. The current rule covers only mining, plantation, forestry and fishery.