Flooring Guide by Cinvex — JAKARTA — Minister of Finance Purbaya Yudhi Sadewa has expressed surprise at the sluggish performance of state-owned bank stocks (Himbara) ahead of the implementation of new regulations regarding Natural Resource Export Proceeds (DHE SDA). He remains confident that the policy will significantly boost the dollar liquidity of these state-run lenders.
“I honestly do not understand why Himbara bank stocks have not rallied yet. If I were allowed to trade, I would have bought them when they dipped,” Purbaya remarked following the launch of the single-door export policy at the Danantara Office on Sunday (May 31, 2026).
Purbaya’s comments came in response to inquiries regarding the recent correction in non-Himbara bank stocks following the government’s mandate to channel DHE SDA funds exclusively through state-owned banks.
According to Purbaya, the market has yet to fully grasp the positive impact this policy will have on the liquidity of state-owned banks. He explained that export proceeds, which have historically been parked overseas, will now be repatriated into the domestic financial system. This shift will provide Himbara banks with significantly larger dollar reserves and cash holdings than they have had in the past.
“They will hold more dollars and more cash. In financial markets, there is an adage that cash is king. You will soon see the tangible impact on the Himbara banks,” he added.
Purbaya emphasized that this influx of liquidity will not only strengthen the position of Himbara banks but also reinforce the entire national financial sector. By keeping capital within the country instead of allowing it to flow abroad, these funds can be utilized to better support domestic economic financing.
“Our financial sector will become more robust because capital that previously fled overseas will now remain within our borders,” he noted. He expressed firm belief that the policy’s influence will ripple across the broader financial landscape, providing a strong tailwind for the domestic economy.
Beyond enhancing banking liquidity, Purbaya believes the single-door export policy will improve corporate governance and ultimately benefit investors. He argued that stricter oversight will reduce the prevalence of practices that often erode the profitability of publicly listed companies.
To ensure full compliance, the government will utilize a transition period before the policy is fully enforced. Once implemented, PT Danantara Sumber Daya Indonesia (DSI) will play a central role in the export mechanism to streamline oversight. “After six months, we expect full implementation, with DSI handling the exports. It makes supervision much easier—they are the ones selling, so if any irregularities occur, we know exactly who to hold accountable,” Purbaya concluded.
As part of this initiative, the government is rolling out the single-door export policy in phases, initially targeting coal, palm oil, and ferroalloy commodities. Simultaneously, non-oil and gas exporters are now required to deposit 100% of their DHE SDA into special domestic accounts held at Himbara banks for a minimum period of 12 months.
Summary
Finance Minister Purbaya Yudhi Sadewa has expressed surprise at the stagnant stock performance of state-owned banks (Himbara) despite the implementation of the new Natural Resource Export Proceeds (DHE SDA) policy. He believes the market has yet to recognize the long-term benefits of this mandate, which requires export earnings to be repatriated into domestic state-run accounts. Purbaya expects this influx of dollar liquidity to significantly strengthen Himbara banks and the broader national financial sector.
The government plans to enforce this single-door export policy through PT Danantara Sumber Daya Indonesia (DSI) to streamline oversight and enhance corporate governance. The policy initially targets major commodities such as coal, palm oil, and ferroalloy, requiring exporters to deposit total earnings into Himbara banks for at least 12 months. This shift aims to keep capital within the country, effectively supporting domestic economic financing and reducing capital flight.