02 Nov 2026
Bank Indonesia Implements Special DHE SDA Regime for Eligible Exporters under Bilateral Trade Arrangements

Background

On 30 September 2026, Bank Indonesia issued Bank Indonesia Regulation No. 8 of 2026 on the Third Amendment to Bank Indonesia Regulation No. 7 of 2023 on Export Proceeds and Import Payment Proceeds (respectively, "Regulation 8/2026" and "Regulation 7/2023"). Regulation 8/2026 mainly sets out the operating framework for the special regime on natural resources export proceeds ("DHE SDA") under Article 18A of Government Regulation No. 21 of 2026 on the Third Amendment to Government Regulation No. 36 of 2023 on Export Proceeds from Natural Resources Business, Management, and/or Processing Activities ("GR 21/2026"). Article 18A provides special rules on the repatriation, placement and use of DHE SDA from exports made under bilateral trade agreements, memoranda of understanding or other trade arrangements ("Bilateral Trade Arrangements"). Regulation 8/2026 focuses on four areas: the designation of participating banks, the supervision of eligible exporters, inter-agency coordination, and the application to export declarations.

Regulation 8/2026 builds on Bank Indonesia Regulation No. 5 of 2026, the second amendment to Regulation 7/2023 ("Regulation 5/2026"), which reshaped the DHE SDA placement regime. Before Regulation 5/2026, exporters could place DHE SDA with any bank conducting foreign exchange business or with Indonesia Eximbank (Lembaga Pembiayaan Ekspor Indonesia or "LPEI"). Regulation 5/2026 restricted the repatriation and placement of DHE SDA to state-owned banks, subject to the nominal thresholds set by the applicable government regulation. It also empowered Bank Indonesia to designate banks for the special regime under Bilateral Trade Arrangements. Regulation 8/2026 does not substantively amend these core DHE SDA obligations. Instead, it supplements Regulation 7/2023 with specific rules for Bilateral Trade Arrangements.

Under this special regime, mining exporters that meet the prescribed eligibility criteria and are included in the relevant exporter list may benefit from lower placement requirements for their DHE SDA.

Bank Indonesia implements Regulation 8/2026 through Regulation of the Members of the Board of Governors of Bank Indonesia No. 33 of 2026 on the Fourth Amendment to Regulation of the Members of the Board of Governors of Bank Indonesia No. 4 of 2023 on Export Proceeds and Import Payment Proceeds ("PADG 33/2026"), which also took effect on 30 September 2026. PADG 33/2026 sets out further operational provisions on the identification of eligible exporters, the opt-out procedure, the criteria for designating participating banks, supervision, and the application of the special regime to export declarations.

DHE SDA Regime at a Glance: 2023–2026

The table below summarizes the key changes to the DHE SDA regime since Regulation 7/2023:

Key Changes under Regulation 8/2026

1. Designation of banks for Bilateral Trade Arrangements

    

   Regulation 8/2026 expands Bank Indonesia's existing power under Regulation 5/2026 to designate banks for the special regime. When designating these banks, Bank Indonesia may now also consider input from the ministries and agencies coordinated by the Coordinating Ministry for Economic Affairs ("CMEA").

    

   PADG 33/2026 further sets out the designation criteria. General criteria cover the bank's size, interconnectedness and complexity. Specific criteria cover the bank's transactions, risk management, competence and infrastructure. Other specific criteria include whether the bank (i) is an Indonesian branch of a foreign bank domiciled in a country that has a Bilateral Trade Arrangement with Indonesia, or (ii) has been designated to support Bank Indonesia's policies. Bank Indonesia will notify banks of their designation by letter and/or by other means it determines. Exporters should therefore confirm with their bank whether it has been designated before placing DHE SDA with it under the relevant Bilateral Trade Arrangement.

    

2. List of eligible exporters as a basis for supervision

    

   Regulation 8/2026 also adds a new basis for Bank Indonesia's supervision. Bank Indonesia already supervises compliance with DHE SDA obligations by reference to customs export declarations (PPE) marked as natural resources exports. It will now also supervise compliance by reference to a list of exporters that meet the criteria for the special regime. Under PADG 33/2026, the relevant ministries and agencies jointly determine this list, using each exporter's taxpayer identification number (NPWP) as the main reference for matching data. Bank Indonesia then publishes the list. Exporters may ask the CMEA for information on, or confirmation of, their inclusion in the list, with copies to the Ministry of Finance and Bank Indonesia.

    

   Eligible exporters on the list may opt out of the special regime by notifying Bank Indonesia in writing, with copies to the CMEA and the Ministry of Finance. An exporter that does not submit such notification will be deemed to have elected to use the special regime.

    

3. Inter-ministerial coordination in Bank Indonesia's DHE policies

    

   When adopting policies on the repatriation, placement and use of DHE, Bank Indonesia may consider Regulation 7/2023 (as amended), other applicable laws and regulations, and/or the results of inter-ministerial coordination meetings led by the CMEA. Going forward, adjustments to the regime, such as adding designated countries or banks, may follow from coordination outcomes without necessarily requiring further amendments to Bank Indonesia regulations. Exporters may therefore wish to monitor official announcements from the CMEA and Bank Indonesia, and not only new regulations.

    

4. Application to export declarations issued from 1 September 2026

    

   The special regime for Bilateral Trade Arrangements applies to export declarations (PPE) issued on or after 1 September 2026. Although both regulations took effect on 30 September 2026, the special regime also covers export declarations (PPE) issued earlier that month.

    

Practical Implications

On 28 August 2026, the CMEA announced four implementing decisions for Article 18A of GR 21/2026 covering (i) the designated partner countries, (ii) the exporter eligibility criteria, (iii) the foreign exchange banks at which DHE SDA may be placed, and (iv) the mechanism for sharing exporter data to compile the list of eligible exporters. As of the date of this alert, five partner countries have been designated: the United States, China, Hong Kong, Australia and Canada, although further inter-ministerial coordination may add or remove countries. Under Ministry of Finance Regulation No. 48 of 2026 on Criteria for Exporters that Meet Special Provisions in Fulfilling Obligations for the Entry, Placement, and Use of Natural Resources Export Proceeds, an eligible exporter must be a limited liability company in which at least one shareholder from a designated country holds at least 10% of the ownership interest.

In our view, eligibility for the special regime depends on designation at Government level, rather than on any project-specific memorandum or arrangement. In addition, because Article 18A refers to trade arrangements, an investment treaty alone may not be enough to qualify. The special regime appears to relax only three aspects of the general DHE SDA requirements for mining-sector proceeds:

1. the minimum retention percentage reduced to 30% from the general rule of 100%;

2. the minimum retention period shortened to three months from the general rule of 12 months; and

3. the banks at which proceeds may be placed and converted into rupiah, which may include foreign exchange banks designated by Bank Indonesia, not only state-owned banks.

Eligible exporters must therefore still repatriate 100% of their DHE SDA into the Indonesian financial system and place it in a special DHE SDA account opened in their own name. In addition, although Article 18A of GR 21/2026 refers to the "mining sector" without expressly excluding oil and gas, the special regime may offer limited benefit to oil and gas exporters. They are already subject to the 30% and three-month retention requirement, so the main practical benefit for them would be the ability to use foreign exchange banks designated by Bank Indonesia.

ABNR Observations

In our view, the practical significance of Regulation 8/2026 lies in providing greater certainty on exporter eligibility and on the banks through which exporters may benefit from the relaxed DHE SDA requirements.

First, given that participation operates on an opt-out basis, eligible exporters may wish to actively consider whether the special regime is suitable for their existing banking and financing arrangements, rather than assuming that the general DHE SDA framework will continue to apply.

Second, eligibility is not necessarily static. The list of eligible exporters is reviewed monthly and serves as the basis for Bank Indonesia's supervision. Changes in shareholding, for example, when a shareholder from a designated country falls below the 10% threshold, may affect an exporter's eligibility. Exporters should monitor their eligibility on the list each month.

Third, because the special regime applies to export declarations (PPE) issued from 1 September 2026, exporters with exports in September 2026 should check whether they appear on the list published by Bank Indonesia and, if so, review whether their placements for that month are aligned with the special regime.

Fourth, from a transactional perspective, the special regime may have implications for existing financing arrangements. Exporters with existing financing may need to consider whether moving the special DHE SDA account to a different bank would require lender consent or affect any existing account arrangements or security. The special regime may also become relevant to financing and M&A transactions involving mining companies. Whether a mining company qualifies for the special regime, with its lower retention requirement and access to designated foreign exchange banks, may affect cash management arrangements, account structures and financing documentation.

By partners Emir Nurmansyah (enurmansyah@abnrlaw.com), Serafina Muryanti (smuryanti@abnrlaw.com), Maher Sasongko (msasongko@abnrlaw.com), and associates Rizal Harahap (kharahap@abnrlaw.com) and Hikmatu Shalihah (hshalihah@abnrlaw.com)

This ABNR client alert is intended solely to provide a general overview, for informational purposes, of selected recent developments in Indonesian law. It does not constitute legal advice and should not be relied upon as such. ABNR accepts no liability of any kind in respect of any statement, opinion, view, error or omission that may be contained in this update. You are strongly advised to consult a licensed Indonesian legal practitioner before taking any action that could affect your rights and obligations under Indonesian law.