Bank Indonesia (BI) reported that the placement of export proceeds in the domestic market through the Foreign Exchange Export Results Term Deposit Instrument (TD Valas DHE) as of April 23, 2024, reached USD 1.9 billion. Destry Damayanti, Senior Deputy Governor of BI, stated that there had been no significant changes in recent months. As of April 23, 2024, the total reached USD 1.9 billion, with around 99% of the funds placed for three months. The number of exporters depositing export proceeds domestically through this instrument also increased to 163 companies. The TD Valas DHE monetary operation instrument has been effective since March 1, 2023, aiming to encourage exporters to retain foreign exchange earnings domestically to support the stability of the rupiah exchange rate and strengthen the domestic economy.
BI continues to strengthen the policy of stabilizing the rupiah exchange rate through interventions in the foreign exchange market, enhancing the effectiveness of implementing the Natural Resource Export Proceeds Foreign Exchange Placement Instrument (DHE SDA) in line with Government Regulation No. 36 of 2023, and continuing the issuance of Bank Indonesia Rupiah Securities (SRBI). Additionally, BI recorded that the value of transactions using the local currency in Indonesia's transactions with partner countries, known as local currency transactions (LCT), reached USD 1.37 billion at the end of March 2024, exceeding 100% compared to the previous period. The number of participants also increased to 3,504 compared to 2,602 at the end of 2023. The implementation of LCT is expected to contribute positively to export-import activities, investments, cross-border payment transactions, including QR cross-border transactions, and facilitate trading of securities in the future. BI Deputy Governor Filianingsih Hendarta mentioned that from August 2023 to January 2024, approximately 93-95% of exporters had fulfilled their obligations for domestic DHE placement. Compliance results have been conveyed to the Directorate General of Customs, which is responsible for further follow-up on compliance.
