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Indonesia's New Export Regulation

President Prabowo Subianto

  • Indonesia's New Export Regulation: President Prabowo Subianto has signed a regulation requiring exporters of resources, excluding oil and gas, to retain all proceeds domestically for at least one year. This measure, effective March 1, aims to boost Indonesia's foreign exchange reserves by $80 billion.

     

  • Deutsche Bank Fined by Spanish Regulator: Spain's financial market watchdog, the CNMV, has fined Deutsche Bank €10 million for mis-selling risky foreign exchange derivatives to corporate clients between 2018 and 2021. The bank plans to appeal the ruling.

     

  • Reserve Bank of India's Intervention: The Indian rupee experienced its best week in 19 months, closing at 86.8225 per U.S. dollar. This strength is attributed to significant intervention by the Reserve Bank of India, which sold an estimated $10 to $11 billion in the spot market to stabilize the currency.

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