Trade and markets
 

Detail

Area
Indonesia
Commodity Group
Oilseeds, oils and meals
Commodity
Palm oil
Date
01/01/2015
Policy Category
Trade
Policy Instrument
Trade policy
Description
Introduced mandatory letters of credit for commodity exports, in an effort to allow public entities to gather accurate records of foreign exchange flows.
Notes
From April 2015 onward, all commodity exporters – including exporters of palm and palmkernel oil – will be required to use letters of credit for overseas shipments. Reportedly, the use of this instrument has been made mandatory to allow Indonesia’s central bank to gather accurate records of foreign exchange flows.