Indonesia’s parliament targets mineral exchange rules by 2026

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2 hours ago

Jakarta (ANTARA) – Indonesia’s House of Representatives (DPR) expects rules for a planned mineral and strategic commodities exchange to be completed this year, ahead of the government’s target to begin operations in January 2027.

Deputy House Speaker Sufmi Dasco Ahmad told reporters after attending a plenary session on the 2027 state budget in Jakarta on Friday (August 14) the regulations should be completed in 2026.

“It must be this year,” Dasco said when asked about the regulations.

The government can request a meeting with parliament to discuss the mechanism for drafting the rules, Dasco added.

“We will determine whether this is a government or parliamentary proposal and follow the appropriate mechanism,” he said, adding that non-urgent measures could be processed quickly.

President Prabowo Subianto previously targeted the Mineral and Strategic Commodities Exchange to begin operating on Jan. 1, 2027.

In presenting the government’s budget proposal and financial note for 2027, Prabowo urged the parliament to quickly discuss and issue rules governing the exchange.

“With parliament’s support, we plan to have our own commodities exchange on Jan. 1, 2027,” Prabowo said.

Prabowo also urged the lawmakers to issue the regulations as soon as possible. He said the exchange would be the next step in the government’s single-gate export policy and that the plan had been discussed with the Financial Services Authority (OJK).

Indonesia has been one of the world’s largest producers of strategic commodities for decades, including palm oil, nickel, tin, coal, coffee and rubber, he said.

Yet prices for many Indonesian commodities have largely been determined by overseas commodity exchanges, Prabowo said, arguing that producers should have a greater role in setting prices.

“It makes no sense for those without the commodities to determine their prices,” Prabowo said, questioning why producers have not had greater influence over pricing.

The government plans to operate the Mineral and Strategic Commodities Exchange under OJK supervision, with the aim of establishing Indonesian reference prices for major export commodities.

The exchange will bring together producers, farmers, exporters, buyers and investors on a supervised platform, Prabowo said. Greater transaction transparency should help narrow opportunities for fraud, the president said.