Exporters Mandated to Deposit DHE SDA in Himbara: Permitted Placement Instruments Shifted to Government Debt and Securities

The government has issued Regulation No. 2 of 2026 on the Second Amendment (“Second Amendment”) to Regulation of the Government No. 36 of 2023 on Export Proceeds from the Business, Management and/or Processing of Natural Resources (“Regulation 36/2023”). This new framework now requires exporters of natural resources (“Exporters”) to exclusively deposit their Export Proceeds from Natural Resources (Devisa Hasil Ekspor Sumber Daya Alam – “DHE SDA”) in foreign-exchange banks that are state-owned enterprises.[1]