Natural Resource Export Proceeds Under PP 2/2026 and PP 21/2026
PP 36/2023 on natural resource export proceeds has been amended three times. Exporters now place funds at state banks, retain 100% for at least 12 months, and may convert at most 50% of export value to rupiah.
Key points
- Placement must be done by the end of the third month after the month the export declaration is registered.
- Breach brings suspension of export services.
PP 21/2026 took effect on 1 June 2026 and is the third amendment to PP 36/2023 on export proceeds from natural resources. The second amendment, PP 2/2026, took effect on 26 February 2026 and contains most of the rules now in force.
Who and how much
Article 6 requires exporters with an export value of at least USD250,000 on a declaration to place the proceeds in a special account at a state-owned foreign exchange bank. Placement must be made by the end of the third month after the month the declaration is registered.
Article 7 requires 100% of the funds to stay placed for at least 12 months. For oil and gas, the figure is at least 30% for at least 3 months.
Article 18A, after PP 21/2026, gives a special rule for implementing bilateral trade agreements. Mining proceeds within it are at least 30% for 3 months, and may be placed and converted at foreign exchange banks set by Bank Indonesia.
Use and conversion
Article 11A allows the funds to be used for tax and non-tax state revenue obligations in foreign currency, dividends in foreign currency, procurement of raw materials, supporting materials, capital goods and services, and repayment of loans for capital goods and working capital. This use reduces the placement obligation.
Conversion to rupiah is limited to at most 50% of export value on the declaration, at the same state bank. If less than 50% is converted, the rest may be used for the purposes above.
Such use applies while funds remain in the special account and have not gone into placement instruments, with proof of use and a statement to the bank. Funds in bank instruments and Bank Indonesia instruments cannot be withdrawn before maturity.
Article 16 sets suspension of export services for failing to meet the placement, retention or conversion limits.
Effect on finance teams
Balances held for 12 months are not freely available for operations, so cash forecasts should separate them from operating cash. Hedging facilities and foreign currency debt repayments should also be checked against the uses listed in Article 11A.
Press reports in early November 2026 say the government plans further changes. Check the status of these rules before making decisions, as the technical details follow Bank Indonesia regulations.
Frequently asked questions
What about export declarations issued before 1 June 2026?
Article II of PP 21/2026 says declarations before that date under supervision by Bank Indonesia or the OJK are treated as having met their obligations under the earlier rules.
Can the funds be used to pay dividends?
Yes, in foreign currency, under Article 11A(1)(b), and the use reduces the placement obligation.