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]