OJK States Mineral Exchange Transactions Will Use Rupiah and US Dollars

The Financial Services Authority (OJK) has confirmed that transactions on the Mineral and Strategic Commodities Exchange (BMKS) will, in its initial stages, be available in both Rupiah and US Dollars.

“Following discussions with relevant parties, including Bank Indonesia (BI), it is possible for transactions to be conducted in both Rupiah and USD,” stated Sarjito, the OJK Executive Head of BMKS Supervision, during an OJK RDKB press conference on Monday (5/10/2026).

Sarjito explained that the OJK has issued POJK Number 15 of 2026 and POJK Number 16 of 2026, which serve as the legal basis for the operation of the BMKS. Under Article 5 of POJK 15/2026, the OJK is authorised to coordinate with ministries, agencies, and relevant parties in accordance with statutory regulations, particularly regarding mineral and commodity export data.

This coordination will also involve relevant parties alongside PT Danantara Sumber Daya Indonesia (DSI) to support the traceability of mineral transactions. This measure is expected to help prevent under-invoicing and transfer pricing practices in the trade of minerals and strategic commodities.

Sarjito also emphasised that trading through the BMKS will not immediately become mandatory for all mineral commodities. The OJK will coordinate with and follow government directives, including determining the scope of minerals to be traded and whether participation will be mandatory or voluntary.

According to Sarjito, the POJK stipulates that the implementation of the BMKS will be carried out in stages. The determination of trading commodities and the specific phases of implementation will be decided through OJK decrees, taking into account exchange readiness, including market infrastructure, risk management, financial system stability, consumer protection, and market integrity.

It is noted that Indonesia is set to establish a mineral and strategic commodities exchange (BMKS), also known as the Indonesia Commodity Exchange (Icomex). The inauguration of Icomex is scheduled for 17 September 2026.

The first transactions on the Mineral and Strategic Commodities Exchange via the Icomex entity are expected to commence on 4 January 2027. With the start of these operations, Indonesia will enter a new era in the management of mineral and strategic commodity trade.