INDEF: New DHE SDA Policy Has the Potential to Strengthen Foreign Exchange Liquidity Himbara

Illustration. (Photo: Dok. Antara)

JAKARTA - The Institute for Development of Economics and Finance (INDEF) stated that the new policy on foreign exchange from the export of natural resources (DHE SDA) has the potential to strengthen foreign exchange liquidity (foreign exchange) in the State-Owned Bank Association (Himbara).

"The DHE SDA policy, which will come into full force in June 2026, has the potential to significantly strengthen the foreign exchange liquidity position of Himbara," said Head of the INDEF Macroeconomics and Finance Center M Rizal Taufikurahman, quoted by Antara, Tuesday, June 2.

With the obligation to place foreign exchange from the export of natural resources in the country, Rizal argues that the flow of dollars from the coal sector, the palm oil industry (crude palm oil/CPO), minerals, and oil and gas, which have been stored abroad, will be more widely entered into the national banking system.

Rizal said that this condition is important considering that the external pressure throughout 2026 is still quite high, reflected in the volatility of the rupiah which had moved close to Rp17,000-17,300 per US dollar. In addition, there was also a decrease in foreign exchange reserves from around 151.9 billion US dollars to around 148.2 billion US dollars at the end of March 2026.

"Additional dollar liquidity in Himbara can strengthen foreign exchange CASA, trade finance capacity, and enlarge the space for domestic foreign exchange market intervention without burdening the Bank Indonesia foreign exchange reserves too much," he added.

Rizal also assessed that market sentiment tends to be positive for Himbara shares, because it has the potential to strengthen the funding structure and treasury revenue potential amid high global interest rates.

However, Rizal highlighted that the impact of the effectiveness of this policy still depends heavily on the design of implementation and the trust of export actors.

If the DHE placement scheme is considered too rigid and not competitive in terms of flexibility and yield, there is a risk that exporters will adjust transactions, including shifting foreign exchange placements abroad or underinvoicing practices.

In addition, the concentration of foreign exchange liquidity in Himbara also has the potential to trigger liquidity imbalances in the national banking industry, especially for private banks which have so far relied on exporter funds.

Therefore, said Rizal, the DHE SDA can indeed be an important buffer to strengthen external resilience and financial sector stability, but it is not automatically a single solution to maintain the rupiah.

"Fundamental factors such as foreign capital flows, fiscal credibility, the yield of Government Securities (SBN), and investor perceptions of Indonesia's economic prospects remain the main determinants of the stability of the national financial sector," he said.