JAKARTA : Indonesia's plan to require exporters to retain part of their earnings onshore should boost U.S. dollar liquidity, but bankers and businesses warn against imposing mandatory conversion of funds to rupiah, some likening it to a form of capital control.
The issue has become stark since a commodity boom drove exports to a historic high of $292 billion last year but the country saw no equivalent jump in U.S. dollar supply. BI Governor Perry Warjiyo said last week that details of the new rules were being discussed, including"the pros and cons of mandatory conversion to rupiah".
"If they buy and sell in dollars and we're asking them to convert, they will object," he said, adding that the most important thing was to ensure funds stayed in Indonesia. Some bankers say the measures will spur repatriation of offshore funds and help anchor the rupiah, though how much will flow in remains unclear.The government expects the new measures could boost forex reserves, which topped $139 billion in January, by $40 billion to $50 billion within a year.
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