Jakarta (VNA) – Indonesian President Prabowo Subianto on May 20 announced new controls on the export of several strategic resources, including crude palm oil, coal, and iron-containing alloys, in a bid to boost state revenues and curb foreign exchange losses amid economic pressures stemming from conflict in the Middle East and global financial volatility.
As reported by Xinhua News Agency, the new regulation requiring exports of the strategic natural resources commodities to be conducted through state-owned enterprises appointed by the government, as part of efforts to strengthen state control over export revenues and improve governance in the sector.
It is expected to take effect on June 1 this year.
Prabowo said the regulation was introduced to improve transparency and prevent practices such as under-invoicing and transfer pricing, which he claimed had caused significant losses to the country over many years.
According to Prabowo, all export transactions for the commodities covered by the regulation will later be recorded and monitored through a centralised mechanism involving state firms./.
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