JAKARTA — Purbaya Yudhi Sadewa, serving as Minister of Finance, has expressed surprise over the stagnant stock performance of state-owned banks, collectively known as Himbara, ahead of the implementation of new regulations regarding Natural Resource Export Earnings (DHE SDA). He remains firmly convinced that the policy will significantly boost the dollar liquidity of these state-run institutions.
“I honestly do not understand why Himbara bank shares have not risen yet. If I were a trader, I would have been buying them while they were down,” Purbaya stated during the launch of the single-gate export policy at the Danantara Office on Sunday (May 31, 2026).
Purbaya’s comments followed questions regarding the recent correction in non-Himbara bank stocks, which occurred after the government mandated that DHE SDA funds be held exclusively in state-owned banks. He argued that the market has yet to fully grasp the positive implications of this policy for the liquidity of Himbara banks.
By requiring export earnings—which were previously stored abroad—to return to the domestic financial system, Himbara banks are expected to secure a substantial increase in both dollar reserves and cash holdings. Purbaya emphasized the importance of this shift, noting, “They will have plenty of dollars and cash. In financial markets, there is a saying that cash is king. The impact on Himbara banks will be clearly visible.”
Beyond strengthening individual banks, Purbaya believes the influx of liquidity will reinforce the entire national financial sector. As funds that once flowed offshore are now captured domestically, they will become available to support broader economic financing, thereby creating a more resilient financial environment.
“Our financial sector will become stronger because money that previously flowed abroad will now remain here,” he added, expressing confidence that the policy’s positive effects will ripple throughout the wider financial landscape.
In addition to enhancing banking liquidity, Purbaya highlighted that the single-gate export policy will improve corporate governance and provide long-term benefits for investors. He believes that stricter oversight will minimize malpractice that could potentially erode the profitability of publicly traded companies.
To ensure smooth compliance, the government is utilizing a transition period before full implementation. Moving forward, PT Danantara Sumber Daya Indonesia (DSI) will play a central role in the export mechanism, streamlining supervision. “After six months, implementation will likely be fully operational, with DSI managing the exports. It simplifies the process; since they are the ones handling the sales, we can hold them accountable if any irregularities occur,” Purbaya concluded.
As previously mandated, the government is phasing in this single-gate export policy for coal, palm oil, and ferroalloy commodities. Simultaneously, non-oil and gas exporters are required to place 100% of their DHE SDA in special domestic accounts through Himbara banks for a minimum period of 12 months.
Summary
Purbaya Yudhi Sadewa expressed confusion over the stagnant stock performance of state-owned Himbara banks despite the upcoming implementation of the Natural Resource Export Earnings (DHE SDA) policy. This regulation mandates that export proceeds be deposited into domestic Himbara accounts, which is expected to significantly increase the banks’ dollar liquidity and cash reserves. Government officials believe the market has yet to recognize the positive impact of this influx, which could bolster both individual bank strength and the broader national financial sector.
To ensure successful implementation, the government is introducing a single-gate export policy overseen by PT Danantara Sumber Daya Indonesia to improve governance and supervision. This system, which applies to commodities like coal and palm oil, requires exporters to hold funds in domestic accounts for at least 12 months. Authorities anticipate that this structural shift will enhance long-term profitability and create a more resilient financial environment by keeping capital within the country.
