Indonesia to Impose Import Curbs to Halt Currency's Slide
- Cabinet clears restrictions on capital, consumer goods imports
- Wider biodiesel mandate seen saving $2.3 billion this year
This article is for subscribers only.
Indonesia plans to restrict imports of capital and consumer goods and accelerate the use of biofuel to cut crude oil purchases to stem a slide in the nation’s currency.
The government will control inbound shipments of goods bought through online stores and push for import substitution wherever possible, Finance Minister Sri Mulyani Indrawati told reporters in Jakarta after a cabinet meeting. President Joko Widodo will sign a regulation mandating 20 percent blending of palm biodiesel in more sectors latest by Wednesday and the move may cut crude oil imports by about $2.3 billion this year, Coordinating Minister for Economic Affairs Darmin Nasution said.