Navigating Special Account Regulations Compliance Strategies for Natural Resource Exporters

In a continued effort to strengthen Indonesia’s foreign exchange resilience and support sustainable national economic growth, the Government of Indonesia and Bank Indonesia have introduced significant changes to the regulatory framework governing Export Proceeds from Natural Resources (Devisa Hasil Ekspor Sumber Daya Alam or “DHE SDA”). The changes were introduced through Government Regulation No. 8 of 2025 (“GR 8/2025”) and Bank Indonesia Regulation No. 3 of 2025 (“PBI 3/2025”), which amend the earlier GR 36/2023 and PBI 7/2023, respectively.

These amendments mark a shift toward stricter retention, reporting, and utilization requirements for natural resource exporters, reinforcing the government’s commitment to retaining more foreign exchange within the domestic financial system. The Regulations took effect on 1 March 2025.

This Client Alert highlights the key changes introduced under GR 8/2025 and PBI 3/2025 and their implications for exporters in the natural resources sector.

II. Background

Indonesia is rich in natural resources, and the government views the effective management of DHE SDA as a strategic lever to maintain macroeconomic stability and strengthen the national economy. The earlier framework under GR 36/2023 required exporters to place their export proceeds into Special Accounts at local banks. However, challenges in implementation, loopholes, and market practices prompted a tightening of the regime.

With the issuance of GR 8/2025 and PBI 3/2025, exporters are now subject to more prescriptive placement rules, longer retention periods, and more limited use of export proceeds held domestically.

II. Key Regulatory Changes

1. Mandatory Deposit and Retention Periods

Exporters of natural resources whose export value equals or exceeds USD 250,000 (or equivalent) must place 100% of their export proceeds into a Special Account with either:

• The Indonesian Export Financing Institution (“LPEI”), or
• A foreign exchange bank (bank devisa) licensed in Indonesia.

The deposit must be made no later than the end of the third month following the month in which the relevant Customs Export Declaration (“PPE”) was submitted.

Under GR 8/2025, the deposited export proceeds must remain within Indonesia’s financial system for at least 12 months. These proceeds may be retained in the following forms:

• The Special Account itself;
• Bank instruments, such as time deposits or current accounts;
• Financial instruments issued by LPEI; or
• Instruments issued by Bank Indonesia, including foreign currency securities or sukuk.

Special Treatment for Oil and Gas Exporters

Exporters of oil and gas are subject to more lenient requirements, with only 30% of their export proceeds needing to be placed in a Special Account for a minimum of three months. This acknowledges the unique structure of upstream oil and gas contracts, many of which are governed by Production Sharing Contracts (PSCs).

2. Permitted Use of Export Proceeds

Despite the mandatory retention, exporters are still permitted to use funds in the Special Account during the holding period for the following purposes, commonly referred to as “Permitted Use“:

1. Conversion to IDR through transactions at an Indonesian licensed foreign exchange bank;
2. Payment of taxes, non-tax state revenue, and other government financial obligations in foreign currency;
3. Dividend distribution to shareholders;
4. Procurement of goods and services in foreign currency that cannot be fulfilled domestically;
5. Repayment of loans in foreign currency used for the procurement of capital goods.

Exporters must provide supporting documentation for purposes (b) through (e), and for items (d) and (e), a self-declaration letter is also required. Any funds that are not used for permitted purposes must remain in the Special Account or be invested in the prescribed domestic financial instruments for the full retention period.

Failure to adhere to these provisions may result in administrative sanctions, including suspension of export services by the Ministry of Trade.

III. Key Highlights of PBI 3/2025

The new central bank regulation further clarifies the operational aspects of the new regime and introduces important technical adjustments:

1. New Financial Instruments for Placement

In addition to previous options, exporters may now invest export proceeds in:

• Foreign currency-denominated securities (SBN Valas) issued by Bank Indonesia;
• Foreign currency issued by Bank Indonesia.

These instruments offer more flexibility while ensuring that the proceeds remain within the domestic financial system.

2. Swap Transactions Prohibited

To strengthen the real retention of foreign currency in Indonesia, swap transactions involving Bank Indonesia’s foreign exchange term deposit instruments are no longer allowed for exporters. This move discourages round-tripping or synthetic offshore placements through local banks.

3. Elimination of Voluntary Placement for Proceeds Below USD 250,000

Exporters whose proceeds are below the USD 250,000 threshold are no longer allowed to voluntarily deposit their funds into a Special Account under the DHE SDA regime.

4. Sector-Based Oversight Using Export Declaration Codes

Bank Indonesia will differentiate its supervision of exporters based on the nature of their exports—particularly between general exporters and those engaged in the oil and gas sector—by using the Harmonized System (HS) Codes listed in the PPE.

IV. Additional Compliance Requirements

1. Reporting Obligations

Exporters must submit a DHE SDA Report (Laporan DHE) to Bank Indonesia’s online system if:

• There are amendments or updates to the PPE; and/or
• There are changes in the export proceeds (e.g., amount, date received, currency).

Reporting is required for any export transaction exceeding USD 10,000, and must be completed no later than the fifth business day of the following month.

2. Use of Proceeds as Collateral

Export proceeds in a Special Account may be used as collateral for obtaining IDR-denominated loans from Indonesian banks or LPEI, provided that:

• Exporters submit a statement letter;
• A written declaration includes details such as the purpose of the loan, collateralized amount, and loan terms.

The value of the collateralized proceeds must not be exceeded by the loan amount.

V. Sanctions for Non-Compliance

Failure to comply with the new rules may result in:

• Suspension of export-related services, including licensing or customs processing;
• Administrative sanctions under GR 8/2025 and PBI 3/2025;
• Potential scrutiny in foreign exchange monitoring and tax compliance reviews.

VI. What Exporters Should Do

Given the increased regulatory complexity and risks of non-compliance, we recommend that natural resource exporters take the following actions:

• Conduct an internal compliance review to map DHE flows and assess alignment with the new regulations;
• Liaise with your local banks and LPEI to confirm available Special Account options and eligible instruments;
• Establish documentation protocols for all permitted uses of DHE funds;
• Monitor foreign currency transactions and reporting deadlines carefully;
• Consult with legal counsel or your compliance advisor to ensure that your existing financing structures (e.g., collateralized loans, dividend schedules) are in line with the new requirements.

Conclusion

The enactment of GR 8/2025 and PBI 3/2025 signals a more assertive policy stance by the Indonesian government in managing foreign exchange earnings from natural resources. These regulations are not merely procedural—they reflect a broader economic strategy aimed at stabilizing the rupiah, increasing domestic liquidity, and fostering resilience amid global uncertainty. For exporters, the shift entails more structured obligations, longer retention periods, and tighter oversight.

To navigate this new landscape, exporters must treat compliance as an integral part of their operational and financial planning. Early adjustments and clear internal governance will be key to maintaining continuity and minimizing regulatory risk. By aligning with the updated requirements, businesses can ensure operational stability while supporting national economic priorities.