JAKARTA - The government has decided to extend the evaluation period for the implementation of Government Regulation Number 36 of 2023 concerning Foreign Exchange Proceeds from Exports from Natural Resource Concession, Management and Processing Activities (DHE SDA).
Coordinating Minister for Economic Affairs Airlangga Hartarto said that PP 36 of 2023 had actually been implemented well and had a high level of compliance.
However, the Government decided to extend the evaluation period to accommodate input from business actors regarding the regulation.
“Compliance (to PP 36/2023) is good. Only 1% do not comply. "But we will monitor it again in three months, we will socialize it again to business actors," said Airlangga in his official statement Sunday, December 3.
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Meanwhile, Secretary of the Coordinating Ministry for Economic Affairs, Susiwijono, revealed that based on the results of evaluations carried out by Bank Indonesia (BI) and the Ministry of Finance, there has been an increase in natural resource exports since July 2023, followed by an increase in incomings to special accounts (reksus). Apart from that, the share of natural resource exports has also increased to above 60 percent.
"So in terms of value (share of natural resource exports) it is already 64-65 percent of total exports. "This is higher than previous months," stressed Susiwijono.
Furthermore, the receipt of DHE SDA in special accounts also encouraged an increase in bank foreign currency credit distribution and bank foreign currency Third Party Funds (DPK), in line with the placement of DHE into bank foreign currency deposits.
Meanwhile, DHE SDA revenues in August 2023 reached 10.5 billion US dollars, then in September 2023 it fell slightly to 9 billion US dollars, and in October 2023 it rose again to 10.2 billion US dollars.
Meanwhile, the value placed will reach 2.7 billion US dollars in August 2023, 2.3 billion US dollars in September 2023, and 2.9 billion US dollars in October 2023.
"The placement percentage should be 30 percent of the acceptance value, but currently the range is at 25-29 percent," he explained.
The mining sector is the largest contributor to DHE SDA revenues with a share of around 59 percent to 72 percent, followed by the plantation sector with a share of around 25 percent to 37 percent. Meanwhile, the contribution of the forestry and fisheries sectors is relatively small.
Furthermore, Susiwijono added that there had been a shift in the placement of DHE SDA, where initially exporters placed their DHE in reksus, now they are starting to shift their placement to foreign currency deposits and DHE foreign currency TD. Since August 2023, various placement instruments prepared by BI have had a direct effect on foreign exchange reserves.
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