On 10 January 2019 the Government of Indonesia issued a new
regulation that further tightens control over the proceeds from the
export of Indonesian natural resources. As a result, such proceeds
must be retained in Indonesia, and can only be sent offshore for
specific purposes. These requirements are set out in Government
Regulation No. 1 of 2019 on Export Proceeds Deriving from the
Business, Management, and/or Processing Activities of Natural
Resources (GR 1/2019).
On 18 January 2019 shortly after the introduction of this new
requirement, Bank Indonesia issued Bank Indonesia Regulation No.
21/3/PBI/2019 of 2019 on the Acceptance of Foreign-Exchange Exports
Deriving from the Business, Management, and/or Processing of
Natural Resources (PBI 21/3) requiring an exporter to deposit and
hold with Indonesian banks the proceeds from exports deriving from
the business, management, and/or processing of natural resources,
which includes mining, plantations, forestry, and
