Indonesia's local mining industry faces monthly loss of US$164m

New ruling on mineral ore exports on top of a 20% tax has led to severe declines in the industry.

The IDR continues to be revived as the BI Governor Nasution reported the central bank's moves to buy government bonds in the secondary market and issue US dollar term deposits.

Here's more from OCBC's Daily Treasury Outlook:

BI Governor Nasution said that the central bank will add US dollar supply in the market to help stabilize the IDR. He indicated that the central bank will continue to buy IDR government bonds in the secondary market and issue US dollar term deposits as well. He noted that Indonesia’s exposure to the Eurozone is relatively small.

Meanwhile, a local mining industry group said that the government’s new ruling on mineral ore exports, including a 20% tax imposed, has hurt the industry significantly and might have led to an average US$ 164mn loss per month.

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