Prabowo: Danantara Indonesia Manages USD 10.5 Billion in Foreign Exchange Within First Month

President Prabowo Subianto has stated that the newly formed state-owned enterprise PT Danantara Sumberdaya Indonesia (DSI) has managed state foreign exchange reserves totalling USD 10.5 billion within a month and a half of its formation. Speaking during a plenary cabinet session at the State Palace in Jakarta on Monday, President Prabowo explained that DSI was established as a strategy to halt the outflow of national wealth through illegal export practices, such as under-invoicing and transfer pricing.

Expressing his gratitude, President Prabowo praised the report from Danantara CEO Rosan Perkasa Roeslani, who also serves as Minister of Investment and Downstream Industry. The President noted that the entity had achieved the figure after just over one month of operation. He highlighted that such manipulative practices had been ongoing for more than 30 years, causing significant losses to the state.

President Prabowo cited an example where unscrupulous exporters would draw up sales contracts for crude palm oil (CPO) at Rp15,000 per kilogram, whilst the actual selling price in European markets was around Rp27,000 per kilogram. He asserted that these practices had resulted in the country losing up to 50 per cent of its wealth in a single shipment. The establishment of PT DSI, he explained, allows the state to monitor and supervise the export of strategic commodities and prevent manipulation that harms the nation and its farmers and producers.

According to the President, data received since DSI’s formation shows that the previous price gap between domestic and international sales, which ranged from 30 to nearly 45 per cent, has now almost been closed. He issued a stern warning that such fraudulent practices must be stopped and eliminated, vowing to revoke the licences of any party that continues to violate the law without exception.