Indonesia delays new trade rule

Indonesia delayed a new trade rule covering payment for exports by up to six months because of strong opposition from exporters, the country’s Trade Minister said. The regulation requires exporters of key commodities to use letters of credit for export payments, and is one of several government measures aimed at propping up the weak rupiah currency by ensuring that export revenues are kept onshore. Implementation of the trade rule was postponed from March 5 to April 1 for tin and crude palm oil, and to September 1 for rubber, cocoa and coffee. (March 5, 2009)