New Task for OJK: Pulling Indonesian Mineral Commodities from the Singapore Exchange

The Financial Sector Development and Strengthening Law (UU P2SK), recently enacted by the House of Representatives (DPR) to replace Law Number 4 of 2023, provides a new mandate for the Financial Services Authority (OJK) to establish a Minerals and Strategic Commodities Exchange in Indonesia. Finance Minister Purbaya Yudhi Sadewa explained that under the new provisions, the OJK will have a board of commissioners serving as the chief executive supervisor of the minerals and strategic commodities exchange. “They will oversee the mineral exchange,” Purbaya stated in the DPR building complex in Jakarta on Thursday. According to Purbaya, the primary task of the OJK board of commissioners supervising the Minerals and Strategic Commodities Exchange is to bring Indonesia’s flagship commodities back home, moving their trade from abroad. “For example, many of our mineral products have exchanges in Singapore or overseas, even though we are the main producer. Those must be brought back here,” Purbaya said. The provision regarding the establishment of a Minerals and Strategic Commodities Exchange is one of fifteen new points in the latest UU P2SK.