Indonesia’s central bank orders importers to report FX for overseas purchases

Financial Post | Dec 4, 2019 at 12:58 PM
  • Indonesia’s central bank announced new regulations on Wednesday requiring importers to report how much foreign currency they use for overseas purchases from next year.
  • Bank Indonesia (BI) has since 2012 ordered exporters to receive their earnings through local banks, hoping that some of the funds would be kept onshore to increase domestic savings and make the rupiah currency less volatile.
  • Under the new rules, exporters of natural resources must place their earnings in a special bank account.