Indonesia to Bring Commodity Exports Under Centralised Control, President Says

MACROECONOMICS - JAKARTA. Indonesian President Prabowo Subianto said on Wednesday that his government will centralise exports of key commodities as part of efforts to boost state revenues and tighten the country's grip over its abundant natural resources.

Prabowo said in a fiery speech to parliament that Indonesia had lost as much as $908 billion in revenues in the last 34 years because its commodities were being sold on the cheap, adding that key exports like palm oil and coal would in future be sold via a central government-run enterprise.