JAKARTA Feb 14 Indonesia's central bank said on
Thursday it ordered the suspension of export licenses of a
number of small exporters who failed to report their foreign
A Bank Indonesia (BI) spokesman, Difi Johansyah, told
Reuters that the central bank asked the customs office to
suspend permits for violators, though he declined to name them
or specify how many firms and what amount of export earnings
"Those exporters sanctioned are small firms and do not have
a clear identification or address. Almost all big exporter firms
are cooperating with the regulation," Johansyah said.
The suspension of export licenses comes as analysts say BI
is tightening loopholes to give it more control over the rupiah
to ensure a weakening in the currency does not turn into a
The central bank spokesman said "We will maintain our
efforts to implement the regulation. Bank Indonesia only asks
exporters to record their forex in the domestic market. BI is
not asking them to put the money in for a certain period or
convert it into rupiah."
Some analysts have questioned whether the rule, which BI
imposed in September 2011 to help it more precisely count the
amount of onshore foreign currency, has much effect.
"(It) is not effective since BI only ask exporters to report
and afterwards (exporters) can transfer the money out," said
Bank Internasional Indonesia economist Juniman.
(Reporting by Rieka Rahadiana; Writing by Jonathan Thatcher;
Editing by Richard Borsuk)