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Indonesia Delays Export Letter Of Credit Changes To Jul 2010 -Min18 days ago
JAKARTA (Dow Jones)--Indonesia has postponed to July 1 next year implementation of a requirement that exporters of commodities and mineral products use letters of credit issued by local banks, so that exporters will have sufficient time to realign their business practices, Trade Minister Mari Pangestu said Tuesday.
This is the fourth time the regulation, which has been met with considerable opposition by industry associations, has been postponed since it was first announced in March.
The regulation will be imposed as planned, however, on exports of mining products, crude palm oil, rubber, coffee and cocoa worth more than $1 million, Pangestu said.
From now till the July 1, 2010, companies affected by the regulation are free to either use letters of credit or other forms of trade agreements recognized in international trade to export their products, she said.
However, these companies have been required since April 1 to provide the Ministry of Trade with details of their export activities--such as the volume of exports, payment methods for their exports, names of banks receiving their export payments and the account numbers of their banks. Companies will continue to abide by this ruling, Pangestu said.
-By Jakarta Bureau, Dow Jones Newswires; +62 21 3983 1277; fawziah.selamat@dowjones.com
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