Indonesia's Prabowo announces export controls for coal, palm oil

On Wednesday, Indonesian President Prabowo Subianto announced tighter state controls over strategic commodity exports, including coal and palm oil. The policy aims to curb tax evasion, stop under-invoicing, and support the plunging country’s currency by centralizing trade through state-backed agencies and bolstering national foreign exchange reserves.

Prabowo cited significant historical revenue losses, stating that commodities have been sold cheaply on international markets. The new controls also aim to ensure declared export values align with relevant global indices.