State-Owned Banks Designated as Mandatory Depositories: Mining Exporters Required to Convert up to 50% of Proceeds into Rupiah

The President of the Republic of Indonesia recently issued Regulation of the Government No. 21 of 2026 on the Third Amendment to Regulation of the Government No. 36 of 2023 (“ Regulation 36/2023 ”) on Export Proceeds from the Business, Management and/or Processing of Natural Resources (“ Regulation 21/2026 ”). [1] This new framework significantly modifies the baseline rules that were originally established under the framework of Regulation 36/2023 through the introduction of a special treatment for mining sector entities that operate under bilateral trade agreements. [2]