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Indonesia's PT Danantara Sumber Daya Indonesia (DSI) is facing increasing scrutiny over its claims to have managed US$10.5 billion in foreign exchange and significantly reduced the gap between domestic export prices and international commodity rates within just 1.5 months of operation. This assertion, initially made by President Prabowo Subianto on July 20, 2026, during a cabinet meeting in Jakarta, highlighted a longstanding issue where Indonesian crude palm oil (CPO), for example, was reportedly sold domestically for Rp 15,000-17,000 per kilogram, while the international price stood at Rp 27,000 per kilogram. Prabowo questioned, 'We (only receive) Rp 14,000–15,000. Who benefits from the Rp 13,000, almost 50 percent of it?'
To counter growing skepticism, President Prabowo cited an assessment from S&P Global Ratings, which reportedly viewed the establishment of PT DSI as a positive development. Following the cabinet meeting, Danantara Rosan Roeslani, Minister of Investment and Downstreaming and CEO of the Investment Management Agency (BPI), further elaborated on DSI's role. He explained that during its transition period from June 1 to July 2026, DSI has been able to consolidate export data for natural resource commodities across various government agencies and ministries, a task not previously achieved by entities like the Ministry of Trade, the Directorate General of Customs and Excise, the Ministry of Industry, or the Ministry of Energy and Mineral Resources (ESDM).
Rosan stated that DSI's single platform enables the identification of a significant gap, historically around 30 percent, between declared selling prices and the commodity price index. He claimed this gap has begun to narrow since DSI's operation, triggering an automatic warning system to Customs and Excise or the Ministry of Energy and Mineral Resources when selling prices fall significantly below the index.
However, these governmental claims have been met with skepticism from industry stakeholders. The Indonesian Palm Oil Farmers Organization (POPSI) has called for PT DSI to provide transparent comparative data illustrating the gap before and after the implementation of its single-window export mechanism. Mansuetus Darto, Chairman of POPSI, argued that merely stating the gap has narrowed is insufficient without clear benchmarks and calculation methodologies. He questioned, 'Most importantly: did the narrowing gap truly stem from a correction in under-invoicing, or simply from changes in global market prices over the past month? Those are two different things.' Critics note that the government has yet to provide detailed evidence of under-invoicing or transfer pricing cases detected by DSI, nor has it clarified the calculations behind the US$10.5 billion in foreign exchange claimed to be managed.
Further concerns revolve around the full implementation of DSI as the sole sales agent for commodities. Industry players across various sectors are awaiting clear governance structures and operational schemes. There are fears that a lack of transparent and accountable mechanisms could disrupt Indonesia's exports. Mansuetus Darto of POPSI voiced apprehension that DSI's sole sales agent authority might add an unnecessary layer to the already complex palm oil trade chain, affecting farmers, refiners, traders, and exporters.
Adding to the uncertainty, there appears to be a lack of unified vision within the government regarding DSI's full operational timeline. While President Prabowo expressed hope for a September 1, 2026, full implementation, an earlier target was January 1, 2027. Minister Rosan, however, indicated that his team is still evaluating the implementation stages, clarifying that while DSI would act as a 'sole sales agent,' exporters would still be able to manage their export contracts, including long-term ones. He emphasized DSI's role in detecting under-invoicing. Separately, Minister of Trade Budi Santoso stated that DSI is currently in a transition phase, with existing companies required to report to DSI until December 31, subject to evaluations after three and six months.
Gita Mahyarani, Executive Director of the Indonesian Coal Mining Association (APBI-ICMA), stressed the importance of transparency and system readiness to ensure smooth export operations, which are vital for state revenue and foreign exchange. She urged for clear explanations regarding the reporting process developments.
Economists have also weighed in, with Esther Sri Astuti, Executive Director of the Institute for Development of Economics and Finance (Indef), likening the formation of DSI to 'hitting a mosquito with an atomic bomb' if the primary issue is merely under-invoicing, suggesting that improving existing systems like Customs would suffice. While acknowledging potential benefits, Esther warned of the policy's 'double-edged sword' nature, highlighting the risk of monopoly and market failure. She drew parallels to the historical failure of the Clove Buffer and Marketing Agency (BPPC) during the New Order era, which suppressed prices and stifled domestic production. Esther expressed concerns about dependence on a single, layered, and centralized institution potentially hindering exports, which are typically handled efficiently by the private sector.
Conversely, Esther noted that a single-window system could facilitate monitoring of export traffic and foreign exchange, and, if implemented accountably, could better control strategic commodity supplies for domestic needs. Crucially, she emphasized the need for 'a clear, transparent, and accountable mechanism. It should not be like the BPPC. The governance of DSI must be truly transparent and accountable.' She cited successful models in Vietnam, Malaysia, and Qatar, which use similar agencies for specific commodities like rice, general trade promotion, or energy. However, she differentiated DSI, stating it is a state-owned enterprise under Danantara, whose profits do not flow into the state budget.
Adinda Tenriangke Muchtar, Executive Director of The Indonesian Institute, also called for transparent disclosure of the US$10.5 billion figure, asserting, 'This is part of public information. What is the reference for this? This transparency test is important.' She cautioned that if DSI becomes the sole selling agent, it could lead to market distortions due to the government acting as both regulator and executor, creating a bias in policy formulation. Adinda underlined Indonesia's 'people's economy' model, advocating for the crucial involvement of non-state actors rather than a centralized approach. Source: Kompas.id