Note, These Are Dollar Parking Rules For Exporters, So They Don't Get Sanctions

Photo: Doc. Coordinating Ministry for the Economy

YOGYAKARTA - The dollar parking regulation or Export Result Foreign Exchange (DHE) will take effect in Indonesia starting August 1, 2023. President Jokowi requires exporters to store DHE in Indonesian banks by 30 percent for three months.

The dollar parking regulation policy is contained in Government Regulation Number 36 of 2023 concerning Export Result Foreign Exchange from Entrepreneur Activities, Management, and/or Natural Resources Processing.

Airlangga Hartarto, Coordinating Minister for Economic Affairs, said that DHE's obligations were not imposed on all exporters. This new policy implemented by the government is not mandatory for exporters of Micro, Small and Medium Enterprises. So what are the dollar parking rules like for exporters?

Coordinating Minister Airlangga Hartarto said that DHE's obligation was only to target companies in the SDA sector, such as mining, forestry, plantations, and fisheries being processed.

"The DHE SDA that has been put and placed by exporters into the special account of DHE SDA must remain placed at least 30 percent in the Indonesian financial system for a certain period of time," wrote Article 7 paragraph 1 of this rule.

The dollar parking rule applies to exporters who have export value in Export Customs Notification (PPE) of at least US$250 thousand. Meanwhile, exporters with PPE values below that figure are not required to store DHE in banks. However, entrepreneurs whose PPE value is below US$250 thousand can still voluntarily put their DHE SDA in banks or other government financial institutions.

Airlangga Hartarto explained in more detail that the mining sector in 2022 contributed the highest exports, reaching 44 percent. The type of commodity that contributed the most as much as 36 percent was coal.

The plantation sector ranks second with a contribution of 18 percent. The most abundant commodity in the plantation sector is palm oil. Then in third place is the fisheries sector with shrimp commodity.

The time period provisions are stipulated in Article 7 paragraph 2, which reads: A certain period of time as referred to in paragraph (1) is at least three months from the placement in a special DHE SDA account.

For the sake of smooth running and order of the dollar parking rules or depositing DHE, Bank Indonesia (BI) and the Financial Services Authority (OJK) will oversee its implementation. If there are 'naughty' exporters or do not obey the rules, administrative sanctions will be rewarded.

"The imposition of administrative sanctions in the form of a suspension of export services as referred to in paragraph (1) is carried out in accordance with the provisions of laws and regulations in the field of customs," citing Article 16 paragraph (2).

Airlangga Hartarto said that the application of the dollar parking rules could increase foreign exchange reserves to US$100 billion. The additional foreign exchange can be obtained after one year has been implemented.

This estimated potential refers to DHE SDA 2022 data from four sectors: mining, plantations, fisheries, and forestry which can penetrate US$203 billion or 69.5 percent of Indonesia's total exports which reach US$292.0 billion.

Demikianlah reviewasi mengenai aturan parkir dolar atau kewajiban eksportir menyimpan DSE di perbankan atau lembaga keuangan milik pemerintah lainnya. Aturan ini tidak wajib bagi eksportir Usaha Micro Kecil Menengah (UMKM).

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