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Exchange Policy Fallout: A More Vulnerable Rupiah

Monday, December 15, 2025

Indonesia is tightening state control over its foreign-exchange regime. By draining dollar liquidity, the policy risks leaving the rupiah more vulnerable to persistent domestic FX pressure.

arsip tempo : 177078208016.

Illustration. Tempo/Gatot Pandego. tempo : 177078208016.

INDONESIA is quietly edging away from a free foreign-exchange regime. That is the clearest signal sent by the new rules on export proceeds from natural resources (DHE), which will take effect in early January 2026. From then on, the supply and demand of foreign currency will no longer be primarily shaped by domestic market dynamics. Instead, monetary authorities will play a far more dominant role.

Under the new framework, corporate export procee

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Yopie Hidayat

weekly economic review Foreign Exchange Bank Indonesia DHE SDA state-owned banks US Dollar Rupiah
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